IRS Negotiation FAQ's
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IRS Negotiation FAQ’s
The two primary methods of tax debt negotiation with the IRS are an Officer In Compromise (OIC) and an Installment Agreement.
An Offer In Compromise (OIC) is an agreement between a taxpayer and the IRS that lets you settle your tax liabilities for less than the full amount you owe, provided that paying the full tax debts creates a financial hardship.
The 5 types of Installment Agreements you can make with the IRS:
- Guaranteed installment agreement: Reserved for taxpayers with $10,000.00 or less in unpaid taxes.
- Streamlined installment agreement: Intended for taxpayers owing $25,000.00 or less.
- Financially verified installment agreement: Taxpayers who owe more than $25,000.00 or more may consider this option.
- Installment agreement over $100,000.00: The IRS will mandate the sale of some assets as a precondition for the installment plan.
- Partial payment installment agreement: If you are unable to pay your taxes, you may pay less than you owe in full over time.