Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Offer In Compromise and other Tax Relief topics.
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:
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