Offers in Compromise agreements occur if you cannot afford installment agreements, which consist of the full amount of taxes due, any penalties, and any interest. Also, an OIC cannot last longer than five years.

You can only apply for an Offer in Compromise when all of the following conditions are present:

All of your required federal income tax returns have been filedAny collection of the entire tax bill will cause you economic harmDoubt exists as to whether you can pay your entire tax bill amountDoubt exists that the assessed tax amount is correctYou are not in bankruptcy at the time of applying for an OICYou can eliminate, spread out, or decrease your tax debt by filing for bankruptcy

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Exclusive Sponsor

Are you having problems with the IRS? Stop the IRS from seizing your assets and get back on track today. Let DebtHelp.com find the right tax debt solution for you at http://www.debthelp.com/tax-help/

Ask a Question

Not finding the advice and tips you need on this Tax Relief Tip Site? Request a Tip Now!

Guru Spotlight

Kristle Jones

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!