How Do You File An OIC To Settle Tax Debt?
If your tax debt is too high for you to pay, you may be able to file an OIC to settle the tax debt with the IRS for less than you currently owe. An OIC is an “Offer in Compromise” and this is a method by which the IRS provides debt relief to consumers who are financially unable to pay off their outstanding tax debt and need a tax settlement. By filing an OIC and having it accepted by the IRS, you can pay off your outstanding taxes over time and avoid tax liens on your property, IRS wage garnishment and having your federal tax refunds withheld. Evaluate how much you can reasonably afford to pay toward your outstanding tax debt each month. When you attempt to negotiate a settlement, the IRS will want to see that you are putting as much money toward your unpaid taxes as possible. Download and print the Offer in Compromise form from the IRS website – irs.gov. Choose whether you wish to offer a lump-sum settlement or whether you would rather pay over time. You may even opt to offer a partia
