Broken Arrow, Oklahoma
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  Offer in Compromise


An Offer in Compromise (OIC) is a settlement with the government to reduce the amount you will have to repay on your tax debt. If the IRS accepts your offer, you will usually be allowed up to 2 years to pay the amount of the settlement, interest free.

If your financial situation is very poor and you feel you may never be able to pay off the taxes owed, then it is a possiblity you will be able to qualify for an Offer in Compromise in which you will be able to settle the taxes owed for less than the total amount owed. This is a difficult tax filing to obtain, but it is available to those taxpayers whose situation is so bad that is would be unfair to hold them liable for the total amount they owe.

The IRS will generally accept an Offer in Compromise when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential. An OIC is a legitimate alternative to declaring a case currently not collectible or to a protracted installment agreement. The goal is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the government.

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BA Tax Service
Tel: (918) 258-0009
Fax: (918) 251-6995
505 North Aspen Avenue
Broken Arrow, OK 74012
Smith Tax & Accounting, Inc. All rights reserved.

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