Offer In Compromise vs. Partial Pay Installment Agreement
It's time to settle your tax debt with the IRS, and you have main options for resolution: Offer In Compromise (OIC) and Partial Pay Installment Agreement (PPIA).
Which method should you choose?
We regularly get people that call us wanting to file for an Offer In Compromise (OIC) as an option to settle unpaid taxes. The truth is that most people do not qualify for the OIC, and it is much more challenging to get approved. Even if you qualify for an OIC, it is estimated to take six months for the tax bureau to decide whether to accept or reject your offer, which can take longer.
What most people qualify for and, in many cases, will allow them to get a better deal is the Partial Pay Installment Agreement (PPIA).
Before you make any decision, you need to review your income, assets, liabilities, and collection potential with the tax bureau — that will determine what type of settlement you qualify for, whether an Offer In Compromise or a Partial Pay Installment Agreement.
Seek guidance from tax pros on whether you may be better off with an OIC or other options.
If you need assistance resolving obligations, JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
