At RainwaterCPA, we specialize in guiding individuals and businesses through the Offer in Compromise (OIC) process, helping you settle your tax debt for less than what you owe. If you’re facing significant tax liabilities and can’t afford to pay the full amount, we handle everything—from gathering necessary documentation to negotiating with the IRS on your behalf. We ensure your OIC application is complete and presented in the best possible light, giving you a chance for a fresh financial start.
Key Qualifications for an OIC
If you owe a large amount of tax, the IRS Form 656 is the critical tool used in the OIC process to determine how much you’ll need to pay. This form is formula-driven and helps the IRS calculate your ability to pay based on your assets and income. For example, if your business was once profitable but failed, or if you have no retirement savings or significant assets, we can argue that you simply don’t have the financial means to pay the full amount. By accurately completing Form 656, we can negotiate with the IRS to reduce your tax liability to a more manageable amount, settling the balance on your behalf. This formal process helps ensure that the IRS acknowledges your financial situation and accepts the offer based on your true ability to pay.
The first step toward settling your tax debt for less is understanding your options. Let us run your numbers and determine if you qualify for an OIC.
We don’t just help you with your current tax situation—we also assist with prior-year filings that may have been missed or inaccurately filed. If you’ve fallen behind on your taxes or need to amend previous returns, our team will handle the paperwork and ensure everything is in order. Additionally, if you owe back taxes, our expert negotiation strategies, including OIC, help you reduce your tax liability and settle for less. We’re here to clean up past tax issues and negotiate a manageable solution that puts you back on track.
PROJECTS COMPLETED
Effective tax planning is the key to minimizing your tax burden and ensuring long-term financial success. For business owners, this means structuring your income and expenses in a way that maximizes deductions and reduces liabilities. For individuals, it’s about making smart investment decisions and leveraging credits and deductions that work in your favor.
At RainwaterCPA, we work closely with both business owners and individuals to create personalized tax plans that help you pay the least amount of tax possible. Our proactive approach ensures that you’re prepared for tax season and setting yourself up for a future of financial security.
“I endorse Rainwater CPA. They helped me get organized, save on taxes, develop a tax planning strategy, and answered my many questions to ensure that I understood that strategy. I’ve worked with many CPAs – this is certainly the team for people who are interested in getting a solid hold on their taxes and tax planning.”
-Robby P.
“The staff is very knowledgeable and they give a customized, personal service to each client. I have switched 4 companies of mine to them and trust them explicitly! They do my personal return as well and have saved me thousands of dollars in taxes but showing me strategies to not only become more profitable, but grow my business with the increased profits from tax savings.”
-Bryce O.
“We’ve been working with the Rainwater CPA team for the last several years. Every year, because of their knowledge, I have been saving tens of thousands of dollars on my taxes. They have something that no other firm offers, a true process. They show you what you can expect and give great advice. And they are always willing to answer all of my questions. My prior accountant went MIA and gave no advice. This is truly a tax advisory and strategy firm unlike any other. I highly recommend them.”
“Natalia Z.