Offer In Compromise (OIC)
Coral Springs FL
Lower Your Tax Debt • Stop Collections • Restore Peace of Mind
Settle Your IRS Tax Debt for Lower Than the Total Amount Due
Ultra Care Tax helps Broward County residents reduce their IRS tax debt through the Offer in Compromise (OIC). If you find yourself unable to pay the total amount of taxes owed to the IRS, then you may want to consider this option. An OIC allows you to settle your tax liability for less than what is owed. However, it can be difficult to successfully navigate this process on your own. As such, many who are initially turned down go on to seek professional assistance with achieving an approved OIC.
At Ultra Care Tax, we have been assisting Broward County taxpayers with qualifying for, negotiating and securing an approved OIC for years. Our team will assist with determining whether or not you qualify for an OIC, and prepare the necessary documents for submitting the OIC to the IRS.
When you hire us, we represent you throughout the entire OIC process, including communicating directly with the IRS to ensure the best possible outcome for you.
What is an Offer in Compromise?
An Offer in Compromise is one of several tax relief options available to taxpayers who owe the IRS money and are facing financial hardship. The Offer in Compromise is a way for eligible taxpayers to resolve their tax debt for less than the full amount owed to the IRS. The IRS may approve an Offer when they believe that the amount being offered is fair and reasonable compared to the taxpayer’s ability to pay.
The IRS considers the following factors when evaluating whether or not to accept an Offer in Compromise:
• Ability to pay the full amount of taxes owed;
• Financial hardship;
• Other exceptional circumstances; and
• Doubt as to the IRS’s ability to collect the amount owed.
Our team at Ultra Care Tax will ensure that your Offer in Compromise submission is completed accurately and positioned for the greatest possibility of acceptance.
Why Do Broward County Residents Trust Ultra Care Tax to Represent Them When It Comes to Their Offer in Compromise?
Expert IRS Negotiators:
Our team at Ultra Care Tax has extensive experience working with the IRS on Offers in Compromise for Broward County residents. We understand the process and how to maximize your chances of receiving an accepted Offer in Compromise.
Local Commitment:
Ultra Care Tax is committed to serving Broward County residents. We represent clients in Coral Springs, Fort Lauderdale, Plantation, Pompano Beach, Sunrise, Hollywood, Davie, Weston, Coconut Creek, Miramar, and all other parts of Broward County.
Detailed Financial Analysis:
To build the strongest possible case for an accepted Offer in Compromise, our team provides a detailed financial analysis of your income, expenses, assets, and future earning capacity.
Protection from IRS Collections:
Once we file your Offer in Compromise, the IRS typically stops collecting against you while your application is pending. This means that you should avoid the following during this time:
• Wage garnishments
• Bank levies
• Liens
• Seizure of your assets
End-to-End Representation:
With Ultra Care Tax, you do not communicate directly with the IRS. We take care of all communication, including phone calls, letters, and negotiations, to ensure that you receive the best possible result.
Am I Eligible for an Offer in Compromise?
If you meet the following criteria, you may qualify for an Offer in Compromise:
• You are unable to pay your full IRS debt
• Your income is barely enough to cover your basic living expenses
• You fell behind on taxes due to loss of employment, medical issues, divorce, etc.
• Your business failed or slowed significantly
• You owe back taxes due to gaming, self-employment, 1099 income, or unfiled tax returns
• You have received a CP14, CP501, CP503, CP504, LT11, or 1058 notice
• The IRS has prepared a Substitute for Return (SFR)
• You are overwhelmed with interest and penalties
Ultra Care Tax will evaluate your eligibility for an Offer in Compromise using IRS standards and real-world negotiation techniques.
Types of Offers in Compromise
There are three types of Offers in Compromise that the IRS accepts:
Doubt as to Collectibility (the most common):
You owe more than you can reasonably afford to pay over time, even after considering installment agreements and partial payments.
Doubt as to Liability:
You believe that you do not owe the taxes claimed by the IRS, either because the amounts are incorrect or because you do not meet the requirements of the statute.
Effective Tax Administration (ETA):
Although you theoretically could pay the taxes owed, doing so would create significant economic hardship for you.
We will assist you in determining which type of Offer in Compromise is most likely to result in an approved Offer in Compromise.
The Ultra Care Tax Process for an Offer in Compromise
Step 1 — Obtain IRS Transcripts and Complete Financial Review:
We will obtain your IRS transcripts and complete a thorough evaluation of your financial situation. This includes:
• Income analysis
• Expense analysis
• Review of your assets and equity
• Calculation of allowable living expenses according to IRS guidelines
This analysis will give us an idea of the least amount that the IRS may agree to accept for settlement.
Step 3 — Prepare and Submit Your Offer:
We will prepare and submit:
• Form 656
• Form 433-A(OIC) or Form 433-B(OIC)
• Supporting financial data:
• Bank statements
• Paystubs
• Business Profit and Loss Statements
• Appraisals of your assets
The IRS requires precise submissions. We ensure that your application is complete and error-free.
Step 2 — Enhance Your Case:
We will compile documentation to demonstrate your hardships, medical problems, market conditions, limited employment opportunities, family obligations, and financial difficulties. These items will illustrate why it would be unreasonable for you to expect to pay off your full tax obligation.
Step 4 — Cease Collection Activities and Negotiate:
Upon the submission of your Offer:
• Levies and garnishments from the IRS generally cease
• We will negotiate directly with the IRS officer handling your account
• We will aggressively advocate for the lowest settlement possible
Step 5 — Final Approval and Compliance:
If your Offer in Compromise is approved:
• Any remaining tax liability is canceled
• Liens are removed
• You can continue your normal financial routine
Examples of Realistic Settlement Results
(After you provide your financial information, we will advise you on realistic settlement outcomes.)
$48,200 owed → Settled for $3,900
$92,000 owed → Settled for $7,800
$61,500 owed → Settled for $2,100
Ultra Care Tax consistently strives for the lowest settlement possible.
Who Should Not Submit an Offer in Compromise Without Assistance?
You risk having your Offer automatically denied if you:
Are not up-to-date on your required tax filing obligations
Are currently involved in an active bankruptcy proceeding
Recently had an Offer in Compromise denied
Did not include all financial data requested by the IRS
Submitted a low offer without sufficient supporting documentation
Ultra Care Tax will make sure that your Offer in Compromise submission includes all of the IRS required information.
Broward County Areas Served by Ultra Care Tax
Ultra Care Tax represents clients in Coral Springs, Pompano Beach, Fort Lauderdale, Sunrise, Tamarac, Margate, Coconut Creek, Plantation, Hollywood, Davie, Weston, Miramar, Pembroke Pines, and other communities throughout Broward County.
FAQs
Here are some frequently asked questions.
How Long Does It Take To Resolve an Offer in Compromise?
It takes approximately 6 to 12 months to resolve an Offer in Compromise, depending on the current workload of the IRS.
Will Interest Continue to Accrue During the Period the Offer is Pending?
No, once the IRS accepts your Offer, interest will no longer accrue.
Can Business Owners Get Approved for an Offer in Compromise?
Yes. With many small businesses in Broward County experiencing decline due to the COVID-19 Pandemic and other negative impacts, many are now finding themselves with tax liabilities they cannot afford.
Can I Stop Wage Garnishment with an Offer in Compromise?
Yes, filing an Offer in Compromise will typically halt wage garnishment activities by the IRS.
Do I Need a Lawyer or Enrolled Agent?
While not required, hiring an attorney or enrolled agent specializing in tax law is highly recommended, as Offers in Compromise are considered some of the most difficult forms of IRS tax relief to obtain approval for.
Didn’t find your answer?
Get a Professional OIC Evaluation Today
The IRS accepts only a small percentage of Offers—but with the right representation, approval becomes far more likely.
Take the first step toward relief.
Call: (754) 802-1998
9900 W Sample Rd #300, Coral Springs, FL 33065
Request a Free IRS Tax Debt Consultation
Ultra Care Tax — Broward County’s Offer in Compromise Specialists