Tax Relief Orange County: Offer in Compromise “OIC”

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Orange County Tax Relief Attorney

An Offer in Compromise (“OIC”) is an agreement between the taxpayer and the Internal Revenue Service  (“IRS”) whereby the taxpayer and IRS settle the taxpayer’s liabilities for less than the full amount owed.  An OIC is generally not accepted by the IRS if the IRS believes the liability can be paid in full either  through a lump sum payment or via a payment plan. In analyzing a taxpayer’s ability to pay the IRS will  look at the taxpayer’s income and assets to determine the taxpayer’s reasonable collection potential. On May 21, 2012, the IRS made changes in its “Fresh Start” initiative making it easier for some taxpayer’s to clear up their tax problems. These changes included among other things:

1. Revising the calculation for the taxpayer’s future income;

2. Allowing taxpayer’s to repay their student loans;

3. Allowing taxpayers to pay their state and local past due taxes; and

4. Expanding the Allowable Living Expense allowance category and amounts.

Rated as one of Orange County's Top Tax Attorney's by Orange Coast Magazine!
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Law Offices of Steven F. Schroeder



2107 N. Broadway, Ste. 204
Santa Ana, CA 92706

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