• Requesting by phone is the quickest way to jumpstart these agreements, which can take months to complete. That’s because you’ll have to provide detailed financial information to the IRS.
  • Requesting by mail means the IRS will take 1-2 months to consider your information/request. Then, the IRS may request more information if your initial documentation isn’t sufficient.
  • Hint: Start this process by phone – and you may want a tax pro’s help setting up these types of agreements.

When it may take more time:
Incomplete responses will add more time, so you’ll want to make sure you’re providing everything the IRS asks for.

Offer in compromise (OIC)

An OIC is an agreement with the IRS to settle your tax debt for less than you owe.

Terms:
The IRS computes your settlement amount based on your assets and future ability to pay.

Time to complete:

  • Tax bills of less than $50,000 take 4-6 months.
  • Tax bills of more than $50,000 take 7-12 months.

Note: OICs must be finalized within 2 years after the IRS receives the OIC application (Form 656 with required information and payments).

When it may take more time:
If you appeal an IRS decision on your OIC, add 2-6 months.

Note: Local IRS collection agents move fast

Local IRS collection agents are called revenue officers. They’re usually assigned to the most urgent collection matters, such as business debt, large individual debts, and back tax returns with probable tax bills.

Revenue officers will often expect to resolve the issue quickly, and they can use liens and levies to quickly enforce a collection agreement.

Know your options

Learn more about all the options that may be available to you when you can’t pay your taxes .


At Nugent & Associates, we're not just number crunchers. We bring over 3 decades of invaluable certified public accounting and tax expertise to your company – serving as business and financial strategists who can offer such services as tax and financial planning, investment advice, diligent financial records, and help with estate planning.

Even better, we will give you time to focus on what you do best: running the day-to-day operations that drive your business toward success.

Take advantage of our FREE and no obligation business checkup.

We will visit you at your business at a time and day convenient for you, analyze your numbers, discuss your goals and concerns and report back with a complimentary detailed written analysis to help your business succeed!

At Nugent & Associates, we're not just number crunchers. Our people bring decades of invaluable certified public accounting and financial and tax expertise to you – offering tax and financial strategies to individuals such as yourself. If you have any questions or concerns about your own tax, financial or investment matters, please do not hesitate to contact us.

Experienced tax and financial experts are not just for the super rich. At a reasonable fee you too can maximize your wealth and receive professional guidance for retirement, and/or any tax issues you may be facing, no matter your situation, with a tax and financial expert as your consultant.

Contact Nugent & Associates today. We don't charge for phone calls. You may just find you found an ally in your quest to have a great financial future.

After all, at Nugent & Associates, we succeed when you succeed!


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Tax Planning & Preparation

We assist our clients in individual and business tax planning throughout the year.

Nugent & Associates provides:
  • Year-Round analysis to ensure a smooth and predictable year-end close.
  • Assist in establishing retirement planning.
  • Performs in-depth review of all deductions available.

Monthly/Quarterly
Financial Statements


Nugent & Associates offers outstanding accounting services and acts as a quasi-controller for companies who do not employ their own full-time accountants.

This allows our clients with more time to focus on new services, new customers and other core business issues.

Business Planning, Budgeting
& Growth Strategies


Nugent & Associates assists it clients with:
  • Starting a new venture, product or service
  • Expanding a current organization, product or service
  • Buying a new business, product or service
  • Turning around a declining business

QuickBooks Training
& Support Services


As Certified QuickBooks Professional Advisors, we can be of assistance with QuickBooks accounting or payroll and help increase your productivity and efficiency.