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Tax Law Center

Offer In Compromise

What Is An Offer In Compromise?

An Offer in Compromise (OIC) is an agreement between the taxpayer and the Internal Revenue Service that settles the taxpayer’s financial liabilities for less than the full amount owed. Taxpayers who have the ability to fully pay the liabilities through an installment agreement or other means, may not qualify for an OIC, so call the tax professionals Tax Law Center to analyze if this is a viable option for you.

Our average is 7 cents per dollar owed to the IRS.

What happens after my Offer In Compromise is accepted?

Once your OIC is accepted, to stay in good-standing with the IRS, you must file and pay all required tax returns when they are due for the next five-years and not have any new balances.  Even an Audit of these returns can trigger an issue if the audit results in taxes owed and cannot be paid. If taxes are owed during this five-year period, all settled balances from the OIC will be reinstated with the IRS and collections can resume.

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