How to Settle Your Tax Debt for Less: The Offer in Compromise Explained
Introduction
Dealing with tax debt can be overwhelming, especially if you owe more than you can afford to pay. Fortunately, the Internal Revenue Service (IRS) offers a program called an Offer in Compromise (OIC) that allows taxpayers to settle their tax debt for less than the full amount owed. Understanding how this program works and when to seek help from a Tax attorney can be crucial in effectively managing your tax obligations.
What is an Offer in Compromise?
An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. The
