05 Nov Offer In Compromise Chicago, Illinois Cook County IRS Form 656
Do you know what an Offer In Compromise Is?
Often times taxpayers in Chicago, IL Cook County or nationwide who have IRS tax problems will often find themselves confronted with new IRS tax law terms like “tax penalty abatement” or “offer in compromise”. In this post we wanted to give you the definition of anOffer In Compromise (OIC) in case your looking for some quick and specific information on an Offer in Compromise. If there’s anything else you’d like to see us talk about on the blog please let us know.
Follow this link to read the definition.
Offer In Compromise (OIC) – An Offer In Compromise (OIC) is an IRS program which allows qualified individuals with unpaid tax debt to negotiate a settlement that is less than the total owed to clear the debt. A taxpayer uses the checklist in Form 656to determine if the taxpayer is eligible for the Offer In Compromise Program. The purpose of the Offer In Compromise (OIC) Program is to accept a compromise when it’s in the best interests of both the individual taxpayer and the government (IRS). The goal of the Offer In Compromise (OIC) program is to promote voluntary compliance with all future payment and filing requirements.