Hidden Tax Breaks Only Offer In Compromise Reveals

Real-World Benefits and Examples

Consider a taxpayer with a $50,000 tax debt. Through an OIC, they might negotiate a settlement for $20,000, saving $30,000, plus avoiding additional interest and penalties. Another example is a small business owner struggling with back taxes, who could use an OIC to restructure their payments, keeping their business afloat while meeting tax obligations. These scenarios illustrate the potential financial relief an OIC can offer.