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Offer in Compromise (OIC)

The IRS has for many years had what is referred to as an Offer In Compromise Program (OIC). Simply stated, this program allows a taxpayer to settle his tax debt for less than the total due. This program allows those who qualify under IRS rules to settle their IRS tax obligations, including principal, interest and penalties for an agreed upon amount.

An OIC should be filed on your behalf by your tax resolution professional. An OIC requires a written application for OIC approval (submitted via an IRS designed and approved form – Form 656) and a Collection Information Statement (Form 433A-OIC) together with supporting financial materials which includes evidence of all assets, all liabilities, income and expenses. OIC’s can be approved by specialists at one of the OIC units. OIC applications almost always require negotiation. OIC’s are quite often denied. OIC denials can be appealed. Again, an appeal should be filed by your tax resolution professional. Most OIC’s that are approved involve negotiation with the Appeals Officers at the Appeals Division at the IRS. Thinking about whether you qualify for an OIC? Contact our DFGTAX hotline now!

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