Offers in Compromise
If you cannot pay your IRS tax bill in full and you do not have enough income or assets to pay your IRS tax bill in full, you may be eligible for an Offer in Compromise (“OIC”). An OIC is an option for settling your tax debt with the IRS. To apply for an OIC, a myriad of forms must be completed correctly and submitted to the IRS. After submitting all the forms and required documents, it can take up to 12 months to get an answer from the IRS. If the IRS rejects your OIC, an appeal can take another 6 months to reach a conclusion.
An OIC is just 1 option that is considered in determining the best course of action for your tax dilemma.