If taxpayers can’t pay the tax they owe in full, one option is to seek an offer in compromise (OIC) from the IRS. That’s a way to potentially settle the debt for less than you owe. The IRS states it will generally accept a reasonable offer. Be aware, the tax agency will first do a thorough review of your financial situation to assess your ability to pay. Suppose your OIC is rejected. What then? You can appeal within 30 days of the rejection letter date by submitting Form 13711 (Request for Appeal of OIC), or by sending a letter to the IRS with certain details. Be prepared to support the facts and explain why you’re seeking an appeal. Contact us with questions or visit: https://bit.ly/3JCwhJU
Our Blog 