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Hey folks,
I'm delving into the intricacies of Offer in Compromise (OIC) and wondering about the specific qualifications one needs to meet. From what I gather, the IRS assesses various factors like income, expenses, assets, and ability to pay. But I'm keen to hear from anyone who has firsthand experience or knowledge about the eligibility criteria. Are there any specific requirements or strategies to increase the chances of qualifying for an OIC?
Hi dear, qualifying for an Offer in Compromise involves meeting IRS criteria based on financial circumstances. Demonstrating inability to pay the full tax debt due to financial hardship is key. Strategies to enhance eligibility include accurate disclosure of financial information, demonstrating compliance with tax laws, and presenting a compelling case of hardship. Consulting a tax professional experienced in offer in compromise can help navigate the process effectively and maximize chances of approval.