Glossary

Offer in Compromise (OIC)

What is an Offer in Compromise (OIC) and How Does it Work?

An Offer in Compromise (OIC) is a formal agreement between you and the IRS where the IRS agrees to accept a lower amount than you owe to settle your tax debt. The IRS will consider your unique financial situation, including your ability to pay, income, expenses, and asset equity. It is not a right and must be applied for and approved.

Glossary Article

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