Friday, February 10, 2012

From the category archives:

Offer in Compromise

1 Way of Reducing the Value of an Offer in Compromise

by taxnick on June 2, 2009

The possibility of bankruptcy can have a big impact on an IRS compromise. The suggestion of the possibility of bankruptcy can act as leverage. It will reduce the value to the IRS of an offer in compromise.
When you file bankruptcy it can discharge your tax liabilities. Any taxes that could be discharged by a potential [...]

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What is an Offer in Compromise?

by taxnick on May 18, 2009

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or [...]

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