How to Submit a Successful Offer in Compromise

An offer in compromise (OIC) allows you to settle your tax debt for less than the full amount owed.  The IRS will generally approve an offer in compromise when the amount offered represents the most they expect to collect within a reasonable amount of time. In this program, attorney Frank Rooney discusses the successful procedure to accomplishing an offer in compromise. The program begins by discussing an overview of OICs. Next, Mr. Rooney explains how to handle a claim and the tax implications for an OIC. Finally, Mr. Rooney concludes the program by discussing IRS section 6 and its impact on the offers.

Learning Objectives:

I.    Discuss an overview of Offers in Compromise (OIC)

II.   Handle an OIC case

III.  Understand the tax implications when dealing with OIC

IV.  Comprehend the impact on IRS Section 6