| Today, you will come across many people that | | | | track. You have to understand that OIC programs |
| are faced with overwhelming tax debt. To | | | | are just a privilege and not a right. Thus, you |
| counteract this, they are trying their best to | | | | should not compare it with bankruptcy. |
| qualify for IRS Offer in Compromise Program | | | | IRS has got very strict guidelines for governing |
| (OIC). This program can easily save you a lot of | | | | eligibility, thus not everyone can qualify for IRS |
| money in taxes, interest or penalties. It not only | | | | programs. You should study IRS Offer in |
| offers relief to the people who are short of their | | | | Compromise program in detail if you really want |
| funds but also it allows the government to collect | | | | to opt for this program. |
| a negotiated amount from distressed tax payers. | | | | This program of IRS was established by the U.S |
| To counteract this, they are trying their best to | | | | Congress to help people fare out of the financial |
| qualify for IRS Offer in Compromise Program | | | | problems. IRS is equipped with various financial |
| (OIC). This program can easily save you a lot of | | | | powers like it can compromise on payments, |
| money in taxes, interest or penalties. It not only | | | | settle the various tax liabilities by accepting less |
| offers relief to the people who are short of their | | | | payment etc. Even the interests and penalties can |
| funds but also it allows the government to collect | | | | be compromised with. |
| a negotiated amount from distressed tax payers. | | | | There are many eligibility criteria for Offer in |
| IRS played a major role in curbing the recent | | | | Compromise but the first and foremost is that |
| recession and bringing the economy back on | | | | you need to prove that you are exhausted of all |
| track. You have to understand that OIC programs | | | | your financial resources and are unable to pay |
| are just a privilege and not a right. | | | | your liabilities and taxes. Such programs are highly |
| IRS played a major role in curbing the recent | | | | useful for debt ridden people. |
| recession and bringing the economy back on | | | | |