An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for.

Utilizing Form 656, Offer in Compromise, you may be in a position to negotiate a settlement with the IRS. Here are the IRS basic guidelines for making an offer.

An offer in compromise (OIC) is an agreement between the taxpayer and the IRS that settles a tax debt for less than the full amount owed. The program allows you, if you cannot feasibly pay the sum ...

The Internal Revenue Service cautioned taxpayers to steer clear of promoters who claim their services are needed to handle unpaid debts, saying such businesses often charge excessive fees and often ...

Fact checked by Betsy Petrick Key Takeaways The IRS has 10 years to collect from you if you don't pay your taxes.Income, Social Security and retirement benefits, bank accounts, and tangible property ...

Facing tax debt? The IRS Offer in Compromise lets you settle for less, but strict criteria apply. Learn about penalties, CNC status, and payment plans.

The IRS introduced the Fresh Start initiative in 2011 to expand access to existing tax relief options, especially the offer in compromise (OIC). This made it easier for some taxpayers to resolve ...

Owing taxes can be stressful. As part of its "Dirty Dozen" campaign, the IRS has renewed a warning about so-called Offer in Compromise "mills" that often mislead taxpayers into believing they can ...

If you find yourself with an unmanageable amount of tax debt, consider applying for an IRS offer in compromise, a program that allows you to settle your debt for less than the amount you owe.