Tuesday, September 2, 2008

OIC 101 : No Double Dipping

Frequently I hear clients tell me they are on the verge of bankruptcy. In fact, many have it in their mind to fix all their problems by filing bankruptcy and filing for an OIC for their tax liability. Unfortunately the current bankruptcy laws prohibit the filing of any type of resolution with the IRS simultaneously. While you are in bankruptcy all collections are suspended for the period you are in bankruptcy plus 6 months. Some tax resolution companies will file an OIC and never even ask you if you are in bankruptcy. It will not come up until you have already paid them and you have a denial letter. These tax resolution companies are concerned about generating revenue. This type of information should be disclosed in some type of free consultation to determine if you qualify for an OIC. If the Tax resolution firm is genuinely trying to help you, they will avoid wasting your time and money by making a frivolous offer.

1 comment:

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