The IRS has an offer in compromise (OIC) program for certain people with tax debt to reduce the amount they owe. In some cases, it reduces the amount by more than half. The chances of qualifying ...

Question: I went through a long and expensive divorce a few years ago which decimated me financially. After the divorce, I racked up a large IRS tax bill, basically using tax dollars I owed to finance ...

Getting the right tax advice and tips is vital in the complex tax world we live in. The Kiplinger Tax Letter helps you stay right on the money with the latest news and forecasts, with insight from our ...

An offer in compromise (OIC) is an agreement between the taxpayer and the IRS that settles a tax debt for less than the full amount owed. The program allows you, if you cannot feasibly pay the sum of ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. For those who cannot pay the full ...

Facing overwhelming tax debt can be daunting, especially with mounting interest and penalties. However, the IRS offers several relief options, including the Offer in Compromise (OIC), which allows ...

A 2024 study by Qualtrics found that 23% of tax filers expected to go into debt to pay their tax bill, and another 23% said they’d need to take on new debt to resolve it. In fact, IRS data shows ...

Owing taxes can be stressful. Unfortunately, the actions of some companies can make it worse. As part of its "Dirty Dozen" campaign, the IRS has renewed a warning about so-called Offer in Compromise ...