Offer in compromise
The Offer in Compromise (OIC) program is designed for individuals and businesses facing uncollectible tax debt. It allows taxpayers to settle their tax debts for less than the full amount owed. To apply, individuals complete Form 433-A (OIC) detailing personal financials, while businesses use Form 433-B (OIC) to outline their financial condition. The IRS evaluates your Reasonable Collection Potential (RCP) to determine if your offer is acceptable. This program can provide significant relief, but requires precise financial disclosure and careful calculation of your offer. Explore the IRS Pre-Qualifier tool for preliminary eligibility assessments.