Offer in Compromise CPA

An Offer in Compromise is a potential solution if you’re looking to resolve tax debt with the IRS. Trust a qualified CPA in Chicago like ours at to navigate this complex process and secure the best outcome for your financial future.

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Unlocking Financial Freedom: Benefits of Pursuing an Offer in Compromise (OIC)

An Offer in Compromise (OIC) is a tax settlement option offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debt for less than the full amount owed under certain circumstances, providing a path to resolve outstanding tax liabilities.

Pursuing an Offer in Compromise (OIC) offers numerous benefits for those facing tax debt challenges:

Tax Debt Reduction

OIC allows taxpayers to settle their tax liabilities for less than the full amount owed, providing a substantial reduction in overall debt.

Fresh Start

Successfully completing an OIC can provide a fresh start by eliminating burdensome tax debt and allowing individuals to regain control of their financial situation.

Avoiding Collection Actions

Initiating an OIC typically suspends IRS collection actions, including wage garnishments, bank levies, and property seizures, providing immediate relief from enforcement activities.

Legal Protection

By entering into an OIC agreement, taxpayers gain protection from further IRS collection efforts related to the tax debts covered by the agreement.

Avoiding Bankruptcy

OIC offers an alternative to bankruptcy for resolving tax debts, allowing individuals to avoid the long-term financial consequences associated with bankruptcy filings.

Reduced Stress

Resolving tax debt through an OIC can alleviate significant stress and anxiety associated with financial burdens, offering peace of mind and improved overall well-being.

Improved Credit Score

Successfully resolving tax debt through an OIC can positively impact credit scores by reducing outstanding debt and demonstrating responsible financial management.

Who Is Eligible for an Offer in Compromise (OIC)?

Eligibility criteria for an Offer in Compromise (OIC) typically include:

Who Is Eligible for an Offer in Compromise (OIC)?
  • Inability to Pay in Full

    Taxpayers must demonstrate that they’re unable to pay their tax debt in full within a reasonable time frame. This could be due to financial hardship or other circumstances.

  • Tax Compliance

    Taxpayers must be up to date with all required tax filings and payments. This includes filing all tax returns for the current year and any previous years, as well as making estimated tax payments if required.

  • No Open Bankruptcy Proceeding

    Taxpayers who have filed for bankruptcy are generally not eligible for an OIC until the bankruptcy proceedings have been completed.

  • Limited Assets

    Taxpayers must have limited assets and equity in assets, such as property, vehicles, and investments. The IRS evaluates the taxpayer's ability to pay based on their assets and income.

  • Reasonable Offer Amount

    Taxpayers must submit an offer amount that reflects the maximum amount the IRS believes they can collect within a reasonable period. This amount is determined based on the taxpayer's income, expenses, and assets.

  • Compliance with Payment Terms

    If the IRS accepts an OIC, taxpayers must comply with the payment terms outlined in the agreement. This may include making periodic payments or a lump-sum payment within a specified timeframe.

  • Timely Response to IRS Requests

    Taxpayers must respond to any requests for additional information or documentation from the IRS in a timely manner to avoid delays in the processing of their OIC application.

It’s crucial that taxpayers meet these eligibility criteria when seeking to settle their tax debt through an Offer in Compromise. Working with a certified public accountant at Lewis.CPA in Chicago can help ensure that taxpayers meet these requirements and navigate the OIC process without complications.

Need Help with Your Tax Debt?

Contact our knowledgeable team today to explore your options and start your journey to financial freedom with an Offer in Compromise.

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How Our CPA Can Help with OIC?

Are you facing substantial IRS tax debt and exploring solutions? Our Chicago-based CPA firm offers a comprehensive suite of OIC services designed to simplify the process and enhance your prospects for a successful outcome.

We understand the complexities associated with the OIC program. Our team of experienced CPAs can provide the following support:

How Our CPA Can Help with OIC?
  • In-Depth Case Evaluation and Eligibility Assessment

    Through a meticulous analysis of your financial situation, income streams, and overall debt repayment capacity, we'll determine if an OIC represents a suitable option for your unique circumstances.

  • Comprehensive OIC Package Preparation

    Our CPAs will meticulously gather and assemble all required documentation to ensure your OIC package is complete and accurate, and effectively presents your case to the IRS for optimal consideration.

  • Skilled Negotiation with the IRS

    Leveraging their extensive experience, our CPAs will advocate on your behalf, striving to negotiate the lowest possible settlement amount based on your financial standing.

  • Transparent Communication and Regular Updates

    We prioritize maintaining clear and consistent communication throughout the OIC process. Rest assured that you'll receive timely updates on the progress of your case and have direct access to our team to address any inquiries you may have.

Why Choose Lewis CPA?

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38+ Years of Experience

Benefit from our extensive expertise in tax resolution, including Offer in Compromise, IRS representation, and tax planning to ensure comprehensive solutions tailored to your needs.
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Receive personalized attention and customized strategies designed to address your unique financial situation and achieve your goals.
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  • How is the offer amount determined in an Offer in Compromise?

    The offer amount in an Offer in Compromise (OIC) is typically based on the taxpayer's ability to pay, which considers factors such as income, expenses, assets, and future earning potential. The IRS evaluates the taxpayer's financial situation to determine the maximum amount they can reasonably collect over a specified period. This calculation varies for each taxpayer and is subject to negotiation.

  • What payment options are available for OIC?

    The Offer in Compromise (OIC) program offers two primary payment options for taxpayers:

    1. Lump Sum Cash Payment: Taxpayers can choose to make a one-time lump sum payment to settle their tax debt. This option requires the taxpayer to pay the offered amount in full within a relatively short period, typically within a few months of the IRS accepting the offer. Lump sum cash payments are often preferred by individuals who have access to immediate funds, such as savings, a loan, or asset liquidation.
    2. Periodic Payment: Alternatively, taxpayers can opt for periodic payments, where they agree to make a series of installment payments over time. This option allows individuals to spread out the payment of their tax debt so it’s more manageable within their financial means. Taxpayers must agree to adhere to a specific payment schedule outlined by the IRS, typically ranging from several months to a few years, until the total offered amount is paid in full.
      Both payment options are subject to evaluation by the IRS, which considers the taxpayer's financial situation and ability to pay when determining the appropriate payment terms and amount for the Offer in Compromise.
  • What documentation do I need to submit with my Offer in Compromise application?

    Documentation requirements for an Offer in Compromise application typically include:

    • Completed Form 656, Offer in Compromise;
    • Form 433-A (OIC) (for individuals) or Form 433-B (OIC) (for businesses);
    • Proof of income (pay stubs, profit and loss statements, etc.);
    • Bank statements;
    • Asset documentation (property deeds, investment statements, etc.);
    • Tax returns for the current year and previous years;
    • Any other relevant financial documents requested by the IRS.
  • How long does it take to process an Offer in Compromise?

    The processing time for an Offer in Compromise can vary depending on factors such as the complexity of the case, the backlog of applications at the IRS, and whether additional information or negotiations are required. Generally, it can take anywhere from several months to over a year for the IRS to review and make a decision on an Offer in Compromise application. If you work with our team, we’ll always keep you updated on the timeline and provide updates along the way.

  • What happens if my Offer in Compromise is accepted?

    If the IRS accepts your Offer in Compromise, you’ll need to fulfill the terms of the agreement, which typically involve making the agreed-upon payment(s) and remaining in compliance with tax laws for a specified period. Once you fulfill the terms of the OIC, the remaining tax debt included in the offer is considered settled, and you are released from any further obligation to pay.

  • What are the consequences if my Offer in Compromise is rejected?

    If your Offer in Compromise is rejected, you have the option to appeal the decision or explore alternative options for resolving your tax debt. If you don’t appeal or submit a new offer, you will remain responsible for the full amount of your tax debt, and the IRS may resume collection actions such as wage garnishments, bank levies, or property seizures. It's crucial to consult with a tax professional to explore your options and determine the best course of action if your OIC is rejected.

Reach Out Today!

Ready to take control of your tax debt and explore your Offer in Compromise options? Contact us at today for expert guidance.

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