Struggling with IRS Tax Debt? An Offer in Compromise Could Be the Solution

When tax debt starts to pile up, it can feel overwhelming and impossible to overcome. Fortunately, the IRS offers several tax relief options—and one of the most powerful is the Offer in Compromise (OIC) program. At M & P Tax Service, we help individuals and business owners in New York navigate the OIC process with confidence and clarity.

What is an Offer in Compromise?

An Offer in Compromise is a program through which the IRS agrees to settle your tax debt for less than the full amount you owe. It’s a legitimate option for taxpayers who are struggling financially and can’t afford to pay their full tax liability.

The IRS takes into account:

• Your income

• Expenses

• Asset equity

• Overall ability to pay

If it’s determined that paying the full amount would create a financial hardship, they may accept a lower amount—sometimes pennies on the dollar.

Who Qualifies for an Offer in Compromise?

Not everyone is eligible, but if you meet the following criteria, you might qualify:

• You’ve filed all required tax returns

• You’re not currently in an open bankruptcy proceeding

• You’ve made all required estimated tax payments for the current year (if applicable)

If you're unsure whether you qualify, M & P Tax Service can conduct a free consultation to review your situation and help you determine the best path forward.

How M & P Tax Service Can Help

Applying for an OIC involves a complex application process, detailed financial disclosures, and strategic negotiation with the IRS. One mistake can lead to a denial or delays.

That’s why having an experienced tax professional on your side is crucial.

At M & P Tax Service, we:

• Analyze your financial situation to determine eligibility

• Prepare and file all necessary forms (Form 656, 433-A/B, etc.)

• Communicate directly with the IRS on your behalf

• Guide you through payment options and compliance requirements

Our team has years of experience helping individuals, small businesses, contractors, and freelancers resolve tax debt and find peace of mind.

Don’t Let Tax Debt Control Your Life

If you owe back taxes and feel like there’s no way out, don’t lose hope. An Offer in Compromise may be the fresh start you need.

Contact M & P Tax Service today at 718-234-0160 to schedule a consultation. We’re here to help you take back control of your financial future—one step at a time.