Offer in Compromise (OIC) Tabs

Offer in Compromise (OIC) Tabs is a 9-page legal document that was released by the U.S. Small Business Administration on June 1, 2019 and used nation-wide.

FAQ

Q: What is an Offer in Compromise (OIC)?A: An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that settles their tax debt for less than the full amount owed.

Q: Who is eligible to submit an Offer in Compromise (OIC)?A: Individuals, businesses, and self-employed individuals with tax debt can submit an Offer in Compromise (OIC).

Q: How do I know if I qualify for an Offer in Compromise (OIC)?A: To qualify for an Offer in Compromise (OIC), you must demonstrate that you are unable to pay the full tax debt or that doing so would cause financial hardship.

Q: What is the process for submitting an Offer in Compromise (OIC)?A: The process for submitting an Offer in Compromise (OIC) involves completing several forms, providing supporting documentation, and paying an application fee.

Q: What happens after I submit an Offer in Compromise (OIC)?A: After you submit an Offer in Compromise (OIC), the IRS will review your application, request additional information if needed, and make a decision on whether to accept or reject your offer.

Q: What are the benefits of an Offer in Compromise (OIC)?A: The benefits of an Offer in Compromise (OIC) include resolving your tax debt, avoiding further collection actions, and potentially paying less than the full amount owed.

Q: Are there any risks or drawbacks to submitting an Offer in Compromise (OIC)?A: There are risks and drawbacks to submitting an Offer in Compromise (OIC), such as the possibility of rejection, the requirement to disclose financial information, and the potential for a lengthy application process.