M&M Financial provides free tax guides on its website. Here is the information contained in the IRS Offer in Compromise guide. Click here to request the following free tax guides.
• IRS Tax Liens
• Penalty Abatement
• Offer in Compromise
• IRS Levy and Garnishment
• IRS Installment Agreement
Offer in Compromise (OIC)
The Offer in Compromise is a government tax debt resolution program that allows a delinquent taxpayer to settle a tax liability for less than the full amount owed. If you don’t have the ability to pay your total tax debt through monthly payments, if paying the tax debt will cause you to suffer a financial hardship, or if you don’t believe you owe the tax debt, you may qualify for the OIC.
If you do not have equity in assets and do not show the ability to make monthly payments (considering the IRS Collection Financial Standards), you may be a good candidate for the OIC. Continue reading