The IRS is providing answers to questions about the effects of the COVID-19 crisis on Offers in Compromise (OICs).

June 24, 2020

An OIC is an agreement between a taxpayer and the IRS to settle a tax debt for less than the amount owed. Taxpayers may still submit an OIC during the pandemic if they can’t pay their full tax liability, or if doing so would create a financial hardship.

There is an “OIC Pre-Qualifier tool” (https://bit.ly/3hRtugy) that taxpayers can use before submitting an offer. A variety of payment options include payment plans or an Installment Agreement. Read the FAQs: https://bit.ly/37T62uR.

Contact us with questions.