What is an Offer In Compromise (OIC)?

Answer An Offer In Compromise is an Internal Revenue Service program that allows citizens with unpaid tax debt to settle for an amount less than they owe.QualificationsTo apply for an Offer In Compromise... Read More »

Top Q&A For: What is an Offer In Compromise (OIC)

What form do i use for an irs offer in compromise?

You will need to use Form 656 in order to request an Offer in Compromise from the IRS. You may also need Form 433-A for Wage Earners and Self-Employed Individuals or Form 433-B which is for busines... Read More »

What percentage is the average offer in compromise with the IRS?

In the 2004 tax year, the average offer in compromise amount was $14,000. Taxpayers must apply for an offer in compromise with no guarantee that it will be accepted. That same year, only 19 percent... Read More »

Can I do an IRS offer in compromise myself?

An individual taxpayer can make an Offer in Compromise to the IRS without legal representation. The IRS says the decision to forgo an attorney comes down to how comfortable you feel about represent... Read More »

Does a lien accompany the IRS offer in a compromise?

If you owe tax and do not contact the Internal Revenue Service (IRS), the agency may issue a lien as a way to secure the tax debt owed. However, an Offer-In-Compromise is way of settling the tax d... Read More »