Can Anyone Qualify for an Offer in Compromise (OIC)?
No, unfortunately not everyone qualifies for an Offer in Compromise settlement. This tax reduction procedure is only available to taxpayers who can prove that they cannot afford to pay back the taxes that they owe. The IRS requires that you provide documentation of your income and expenses and proof of the value of any significant assets you own. Once this information is supplied the IRS will enter it into a formula to determine how much they will settle for.
Related Questions
- An Offer in Compromise ("OIC") is a way for taxpayers to compromise their outstanding tax obligations without having to pay the full liability owed. Do I qualify for an Offer in Compromise?
- Offer in Compromise Questions Offer Determinations 401 What happens if the IRS accepts an OIC?
- Can Anyone Qualify for an Offer in Compromise (OIC)?
