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Offers in Compromise

The process by which the IRS provides some taxpayers with an opportunity to settle the taxpayer's tax liabilities for less than the full amount owed is referred to as an Offer in Compromise (OIC). The OIC is an agreement between the taxpayer and the IRS to settle the taxpayer's tax liability when the taxpayer cannot fully pay the liabilities through asset liquidation, personal loans, an installment agreement or other methods for full satisfaction of the outstanding tax balance.

The Law Offices of Charles R. Frazier will guide you through the requirements necessary to qualify for an OIC. We advise taxpayers to ensure that the taxpayer is tax filing and required tax payments compliant.

We will advise you regarding your estimated reasonable collection potential (RCP) because the IRS won't accept an OIC for any amount less than the taxpayer's RCP. We can help you obtain and submit all documentation the IRS deems necessary to determine your ability to pay your outstanding tax liabilities. To determine if an Offer in Compromise is right for you, we review your financial information, including your current assets and future earning potential.

The IRS is only authorized to accept an OIC based on three grounds: (1) doubt as to liability; (2) doubt as to collectibility; and a compromise based on (3) effective tax administration. We will analyze your specific tax circumstances and advise on whether you qualify for an OIC based on these grounds.

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Do not face the threat of criminal tax charges without an experienced tax lawyer who understands the IRS. Turn to the Law Offices of Charles R. Frazier. To schedule a low cost consultation, call 615-267-0125 or contact us online.

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