Tax Offer in Compromise

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. If the liabilities can be fully paid through an installment agreement or other means, the taxpayer will in most cases not be eligible for an OIC. [...]

On July 8, 2009, the IRS released the new Form 656-B and has the revised Form 656, Offer in Compromise (OIC).
The new Form 656-B that was released contains all the forms that taxpayers are required  to complete to file an offer in compromise. The revised Form 656 has been revised to just four pages. The checklists,  worksheets, and instructions that [...]