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The IRS Offer-In-Compromise Program – How Does It Really Work?

The IRS Offer-In-Compromise Program – How Does It Really Work?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. If the tax liabilities can be fully paid through an installment agreement or other means, the taxpayer, in most cases, will not be eligible for an OIC.

In order to be eligible for an OIC the taxpayer must have:

  1. filed all tax returns;
  2. made all required estimated tax payments for the current year; and
  3. made all required federal tax deposits for the current quarter if the taxpayer is a business owner with employees.

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