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Offer in Compromise

offer in compromise

Offer in Compromise or OIC

If you owe a significant amount of taxes to the IRS and are unable to pay them, you may be interested to learn that there is something called an Offer in Compromise. An OIC is an agreement between a taxpayer and the IRS to settle the tax liabilities for less than the full amount owed. This probably sounds like a lifesaver, a dream to someone in a dire situation, and for most, it is just that. There are, however, circumstances in which you may qualify for this too-good-to-be-true tax relief.

The IRS Wants the Debt Satisfied

The IRS will do their best to collect on the debt owed. If a taxpayer i