DO YOU HAVE A TAX BILL YOU CAN'T PAY? ARE YOU LOOKING TO SETTLE YOUR TAX DEBT FOR LESS WITH THE I-R-S? YOU MAY SEE ADS FROM COMPANIES PROMISING YOU THEY CAN SETTLE YOUR TAX DEBT FOR LESS. AND WHILE IT IS TRUE THAT AN OFFER IN COMPROMISE… OR O-I-C … ALLOWS YOU TO SETTLE YOUR TAX DEBT FOR LESS THAN THE FULL AMOUNT YOU OWE … WHAT THESE COMPANIES DON'T TELL YOU IS YOU DON'T NEED TO GO THROUGH THEM TO MAKE THE OFFER. THEY ALSO DON'T TELL YOU THAT MAKING AN OFFER IS NOT AN OPTION FOR EVERYONE. IT IS A LAST RESORT FOR THOSE WHO HAVE EXHAUSTED OTHER AVAILABLE OPTIONS TO PAY THEIR DEBT IN FULL … INCLUDING PAYMENT PLAN OPTIONS. AND YOU MUST MEET CERTAIN ELIGIBILITY REQUIREMENTS TO QUALIFY FOR AN OFFER. THESE COMPANIES ALSO DON'T TELL YOU AN APPLICATION FEE IS THE ONLY ADDITIONAL COST ASIDE FROM ANY OFFER RELATED PAYMENTS THAT THE I-R-S CHARGES TO SUBMIT AN OFFER…AND THAT THIS FEE IS WAIVED IF YOU MEET CERTAIN CRITERIA. SO…YOU CAN SAVE YOURSELF TIME AND MONEY IF YOU SUBMIT THE OFFER YOURSELF. AND WE ARE HERE TO TELL YOU WHAT YOU NEED TO KNOW TO GET STARTED. STEP ONE … VISIT I-R-S-DOT-GOV-SLASH-PAYMENT-PLAN TO SEE IF YOU QUALIFY TO PAY THE FULL AMOUNT OWED WITH A PAYMENT PLAN. IF YOU QUALIFY FOR A PAYMENT PLAN…BE AWARE YOU MAY NOT QUALIFY FOR AN O-I-C. STEP TWO … GO TO I-R-S DOT GOV SLASH-O-I-C-TOOL. THE I-R-S PROVIDES THE O-I-C PRE-QUALIFIER TOOL TO HELP YOU DETERMINE IF YOU MEET THE INITITIAL QUALIFICATIONS REQUIRED TO MAKE AN OFFER. THE TOOL USES INFORMATION YOU INPUT TO PROVIDE A PROPOSED OFFER AMOUNT FOR YOU TO USE ON YOUR APPLICATION. STEP THREE … THE TOOL WILL ASK YOU TO ENTER THE FOLLOWING INFORMATION…SO BE SURE YOU HAVE THIS ON HAND BEFORE YOU GET STARTED. YOUR CITY…STATE AND ZIP…HOUSEHOLD SIZE AND YOUR TOTAL FEDERAL TAX DEBT OWED. ALL YOUR ASSETS… INCLUDING BANK ACCOUNTS…HOME AND VEHICLE VALUES…RETIREMENT ACCOUNTS…AND ANY OTHER ASSETS. IT WILL ALSO ASK YOU TO INPUT YOUR HOUSEHOLD INCOME…INCLUDING WAGES… SELF-EMPLOYMENT… RENTAL… AND ANY OTHER INCOME. FINALLY…YOU WILL LIST YOUR EXPENSES…INCLUDING HOUSING…TRANSPORTATION…FEDERAL…STATE AND LOCAL TAXES…AND OTHER SPECIFIED EXPENSES. IF THE TOOL STATES YOU ARE ELIGIBLE…IT WILL PROVIDE A LINK TO INSTRUCTIONS ON HOW TO APPLY. REMEMBER THE O-I-C PRE-QUALIFIER TOOL IS ONLY A GUIDE TO HELP YOU GET STARTED. THE TOOL DOES NOT CONSIDER ANY SPECIAL CIRCUMSTANCES YOU MIGHT HAVE. IF THE TOOL DETERMINES YOU MAY NOT QUALIFY FOR AN O-I-C BECAUSE THE INFORMATION YOU INPUT SHOWS YOU CAN PAY IN FULL…YOU STILL HAVE THE RIGHT TO SUBMIT AN OFFER FOR CONSIDERATION. BE SURE TO FOLLOW THE APPLICATION INSTRUCTIONS CLOSELY TO HELP THE I-R-S PROCESS YOUR OFFER SMOOTHLY. THE I-R-S WILL MAKE THE FINAL DECISION BASED ON YOUR COMPLETED O-I-C APPLICATION AND A THOROUGH FINANCIAL REVIEW. GO TO I-R-S DOT GOV SLASH O-I-C … TO LEARN MORE.
