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How the IRS 'Offer in Compromise' program works to reduce your tax debt

The Offer in Compromise (OIC) is a program by the IRS that allows individuals or businesses to settle their tax debt by paying less than the full amount owed. The IRS typically approves an OIC when ...
JD Supra

Internal Revenue Service Warns of “Mills” Taking Advantage of Taxpayers With Offer in Compromise (“OIC”) Program

In a recent news release (available here), the Internal Revenue Service (“IRS”) warned taxpayers about promoters claiming their services are needed to resolve unpaid taxes owed to the IRS. “Taxpayers ...
CBS News

Can I negotiate my old tax debt with the IRS?

Owing money to the Internal Revenue Service (IRS) can result in a hefty amount of stress, especially if you're unable to quickly pay off what's owed. After all, any old IRS debt that you're carrying ...
Investopedia

Can't Afford Your Tax Debt? You May Be Able To Make A Compromise With The IRS

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. For those who cannot pay the full ...
TheStreet.com

Offer in compromise: The IRS tax debt compromise program

An IRS offer in compromise (OIC) can help people with big tax debts pay less than they owe. Learn more about this program. Are you struggling to pay your federal income taxes? If so, don’t panic – the ...