How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Shane-CPA Your Own Question
Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
Experience:  Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
Type Your Tax Question Here...
Shane-CPA is online now
A new question is answered every 9 seconds

Whats the likeliness of an OIC to be approved?

This answer was rated:

What's the likeliness of an OIC to be approved?

Shane-CPA :

Hello again...thank you for requesting me to assist you...OIC's are very rarely approved and it requires a lot of cost and time on your part...however...that doesn't mean that they are NEVER approved...if you are interested in pursuing the OIC I would recommend using either a CPA or Tax Attorney who is familiar with the process...

Shane-CPA :

You may want to take the $75,000 IA and $35,000 new tax balance and request a new installment agreement for those 2 amounts...then you can make higher estimated tax payments in future years if you expect to owe a lot in the future to prevent you from having large tax balances when filing your return.

Shane-CPA :

Generally when you request a 2nd installment agreement with the IRS...they will want to combine the 1st installment agreement with the new balance order to prevent you from defaulting on the first...

Customer: How long can I pay it off?
Shane-CPA :

generally they will give you up to 60 months

Shane-CPA and 3 other Tax Specialists are ready to help you