Delinquent Taxes

 

A taxpayer who has a delinquent tax obligation basically has five options to deal with the delinquent obligation: (Click on a Topic to Learn More)

 

  1. Pay the Full Balance of the Tax Due.
  2. Inform the IRS of Currently Non-Collectible Status.
  3. Installment Agreement.
  4. Offer-In-Compromise (“OIC”).
  5. Bankruptcy.

 

...80 Wall Street Suite 815
...New York, NY 10005

 

...T. 212.797.3737
...F. 212.797.3172

 

 

An Offer-in-Compromise is a program through which the government will agree to accept less than the full balance owed on a tax liability.  An Offer-in-Compromise is based on a taxpayer’s income, expenses and assets.

 

While many firms will advise taxpayers to file an OIC, the fact is that most taxpayer DO NOT qualify for an OIC and they will eventually learn that their OIC was rejected.  Be wary of any tax professional who claims that they can settle your tax liability for “pennies on the dollar.”

 

Click HERE to learn more about filing an OIC