Offer In Compromise

If you owe more money to the Internal Revenue Service (IRS) than you can afford to pay, you may qualify for a debt reduction solution known as an offer in compromise (OIC). Here’s how it works:

Qualifying for an Offer in Compromise

To qualify for an offer in compromise, you must meet the IRS’s stringent criteria, including demonstrating financial hardship if required to pay the full amount owed. Our experienced Tax Resolution Experts can help you determine if you’re eligible.

Information Required

When applying for an offer in compromise, you’ll need to provide detailed information about your assets, income, and expenses:

Assets: Home value, vehicle resale value, retirement savings, stocks, bonds, and bank account balances
Income: Wages, self-employment income, rental income, and other sources of income
Expenses: Mortgage or rent, insurance, dependent care expenses, transportation costs, and court-ordered payments

Submitting Your Application

Once you’ve gathered all necessary information, you’ll submit IRS Form 656-B along with any required supporting documentation. Our Tax Resolution Experts can assist with completing the paperwork correctly and increasing your chances of acceptance.

Representation by Tax Resolution Experts

With former IRS agents on our staff, we understand how the system works and will use that knowledge to your advantage. Contact us today for a free consultation and let us help you navigate the offer in compromise process.

Let's Talk About Your Offer in Compromise

testimonials

What Our Clients Have To Say

I would recommend Nicholas J. Fiore, CPA to represent you if you have any tax issues with the IRS or any other state or local tax agency. I had an IRS tax liability of $1,350,433, as a result of a Payroll Tax Trust Fund Penalty. Mr. Fiore’s 50 years of tax resolution experience was exactly what I needed. He was able to obtain an Offer-In-Compromise for $132,154, after 13 months of dealing with the IRS. He then initiated a favorable payment plan based upon my monthly financial situation. I was able to get my life back on track! Nick is a lifesaver.

Tax Client

Florham Park, NJ

We are a C-Corporation that owed the IRS, NYS and NYC more than $10 million dollars in tax, penalties and interest. This was the result of a criminal tax audit for the period of (2010-2017), largely due to the

fault of our prior accountant. This accountant referred us to Nick, who spent countless hours with the respective auditors. He was able to get the IRS 75% Civil Penalty removed, as well as some of the NYS and NYC penalties and interest. All liens were also removed. In total, he saved us over $3 million dollars!! We now have 3 monthly payment plans in place. Due to Nick’s expert services, we were able to keep our doors open and have consistently increased our gross sales by 20%.

Tax Client

Brooklyn, NY

I highly recommend Nick Fiore, CPA. I had a NYS Sales Tax Liability of $387,391. I hired (2) separate CPAs to handle this; however, they were both unsuccessful. I was referred to Nick by an associate of mine. After gathering all the appropriate documents, he began in earnest to work with NYS. The end result was my acceptance of an Offer-in-Compromise for $10,456. There are no words to express my thanks to Nick.

Tax Client

Long Island, NY

I had numerous IRS and NYS tax issues regarding several Partnership and Sub-S Corporations. Nick was able to file all prior years’ tax returns and set-up installment payment plans, for all active entities. He dissolved all inactive entities and was able to get penalties waived. I was able to get my affairs and life back in order. Nick is a Godsend

Tax Client

Lancaster,PA

TAXPAYER WAS ERRONEOUSLY CHARGED $19,453.25 AS A NYS RESIDENT, BASED UPON A RESIDENCY (NEXUS) AUDIT. I OBTAINED AN AUDIT RECONSIDERATION AND SETTLED FOR $-0-.

Tax Client

Lancaster,PA

AFTER REVIEWING THE TAX RETURNS OF A NOT-FOR-PROFIT ORGANIZATION, PREPARED BY A BIG 4 ACCOUNTING FIRM, I DETERMINED THAT THEY WERE INCORRECTly PAYING TAX TO NYS AND NYC. I OBTAINED REFUNDS OF $342.119.

Tax Client

NY, NY

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