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. And while that seems like a great opportunity, 60% of taxpayers who request this offer are rejected by the IRS. This article explains eligibility rules, IRS acceptance criteria, and application and fee information.

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Your tax advisor at Sharrard, McGee & Co., PA is available to help you explore the OIC is an option available to you. Call us at (336) 884-0410 in High Point or (336) 272-9777 in Greensboro.