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 ...

IRS issued Tax Tip 2024-37, April 24, 2024, to inform taxpayers that can’t pay their full tax debt or if paying would cause financial hardship, that they should consider applying for an offer in ...

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 ...

For those who cannot pay the full amount they owe in taxes, the Internal Revenue Service allows qualifying taxpayers to settle their tax debt for less than the full amount. This is called an “offer in ...

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 ...

The 2025 IRS “Dirty Dozen” scam report warns taxpayers that scammers continue to target people who are trying to settle their debts with the agency. During tax season, scammers have consistently been ...

The Internal Revenue Service has issued a warning to taxpayers about unnecessary services that charge "excessive fees." Unscrupulous "mills" are charging excessive fees to resolve tax debts through ...

In fiscal year 2024, individual taxpayers will owe an estimated $525 billion in tax debt. 1 Based on the most recent tax data from the IRS, more than 10 million taxpayers owe back taxes. 2 If you have ...

Taxpayers unable to pay their income tax liability may make an offer in compromise under IRC section 7122 to settle the tax bill. Such an offer can, however, have a negative impact on other rights ...

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 ...