Hidden Tax Breaks Only Offer In Compromise Reveals
Eligibility and Application Process
To qualify for an OIC, you must meet specific criteria set by the IRS. This involves demonstrating that you cannot pay the full tax liability within the statute of limitations, which is generally ten years. The application process includes submitting Form 656, Offer in Compromise, along with a detailed financial disclosure on Form 433-A (OIC) for individuals or Form 433-B (OIC) for businesses1.