A Guide to Navigating Offers in Compromise Finding Relief from Tax Debt
For individuals and businesses struggling with overwhelming tax debt, an Offer in Compromise (OIC) can be a beacon of hope. An OIC is a formal agreement between taxpayers and the Internal Revenue Service (IRS) that allows eligible individuals and organizations to settle their tax liabilities for less than the full amount owed. This option is a lifeline for those who cannot afford to pay their tax debts in full. In this article, we will explore what an Offer in Compromise is, the eligibility criteria, and how to seek assistance when pursuing this tax relief program. Understanding Offers in Compromise An Offer in Compromise is a program offered by the IRS, aimed at helping taxpayers who are unable to pay their tax debts in full. It is a legal agreement that allows you to settle your outstanding tax obligations for an amount less than what you owe. However, obtaining an OIC is not an easy feat; the IRS does not approve every application it receives. To be eligible ...