Glossary

IRS Form 656: Offer in Compromise

IRS Form 656, also known as the Offer in Compromise (OIC), is a way for eligible taxpayers to potentially resolve their tax debt with the IRS for a lower amount than they originally owed. It's a tool for taxpayers who are experiencing severe financial hardship.

IRS Fresh Start Program

The IRS Fresh Start program is a set of initiatives designed to help taxpayers resolve tax debts and avoid serious financial consequences. It offers various options for people who owe back taxes and are struggling to pay.

Bankruptcy and Tax Debt

Bankruptcy is a legal process that can help individuals and businesses manage overwhelming debt, including some types of tax debt. However, not all taxes are treated the same in bankruptcy, making it a crucial area to understand.