To have an Offer in Compromise (“OIC”) accepted by the IRS, there are several things you will need to complete before submitting the OIC. Perhaps the biggest is to determine if your financial situation qualifies. In our blog post, IRS Offer In Compromise Qualifications and Requirements For Acceptance, we discuss what financials the IRS will use to determine your eligibility, which consist of your assets, household income, and household expenses.

The Offer in Compromise (“OIC”) program administered by the Internal Revenue Service (“IRS”) provides a mechanism for taxpayers to settle tax debts for less. However, it is only available for qualifying taxpayers. In this blog we will discuss the basics of an OIC, which includes: