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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
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Whats the likeliness of an OIC to be approved?

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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 2 other Tax Specialists are ready to help you