Archive / Offer In Compromise

RSS feed for this section

How Hard Is it to Prepare an Offer in Compromise? What Do You Need?

You’ve examined your options for resolving your debt and believe that an offer in compromise could be a viable solution. Unfortunately, several roadblocks stand in the way. Chief among these: a high rejection rate, as evidenced by the whopping 34,000 offers the IRS turned down in 2018. Thorough preparation can improve your chances of landing […]

What Happens to an Offer in Compromise If You Get Divorced?

Financial concerns play a huge role in today’s marriage difficulties and ensuing divorces. In many cases, the trouble stems from issues with the IRS. Some couples will have made the effort to secure an offer in compromise, only to have it all thrown into question based on their decision to split up. Offers in compromise […]

Should You Set Up an Installment Agreement With the IRS or Try for an Offer in Compromise?

You’re desperate for a solution to your tax debt. Two main options exist: the installment agreement and the offer in compromise (OIC). Each approach holds numerous advantages and challenges. Choosing between them can be confusing — and the wrong selection could set you up for a world of trouble. Keep the following considerations in mind […]

Did the COVID Crisis Create Big IRS Problems? The IRS Offer in Compromise Might Help

Financial struggle is the name of the game during the COVID crisis. Even if you managed to qualify for a PPP loan or take advantage of the stimulus, you’re likely feeling stressed as yet another round of tax obligations arrives. In the midst of all this, tax debt could put you over the edge. If […]

Understanding the IRS Tool to See If You Pre-Qualify For an Offer in Compromise

If you’re desperate for tax relief, you’ve likely pondered the idea of pursuing an offer in compromise. This option could help you settle for less than you owe. Unfortunately, it takes considerable time and effort to qualify for an OIC. Don’t give up just yet. The IRS offers a helpful option to give you a […]

What Are Offer in Compromise Mills? Should You Avoid Them?

Many taxpayers are desperate for IRS offers in compromise — and for good reason: this program provides relief by making it possible to settle for less than the total amount owed. It’s an enticing option for those dealing with the heavy burden of tax debt. Unfortunately, in their eagerness to bring stressful tax issues to […]

The Power of Framing Your Request for an Offer in Compromise the Right Way

The offer in compromise program may represent a valuable source of relief for taxpayers struggling with debt, but it’s easy to see why many neglect to apply: the process can be stressful and time-consuming. What’s more, OIC standards are confusing to the point that many potential applicants simply assume that they won’t qualify. While OIC […]

What’s the Deal With IRS Form 656?

You’re ready to ditch your IRS tax debt for good — and you believe that the offer in compromise program is your best option. Before you can take advantage of this option, however, you’ll need to complete IRS Form 656. Thoroughness and accuracy are critical, as a single mistake could lead to rejection. Keep the […]

What Is a Doubt as to Liability Offer in Compromise?

Offers in compromise provide a valuable means of reducing your total debt owed to the IRS. Unfortunately, this approach is not nearly as straightforward as it may initially appear. Depending on your situation, you could be forced to overcome a variety of hurdles before finally achieving OIC relief. Chief among them? Proving a ‘doubt’ to […]