The Offer in Compromise or OIC is an Internal Revenue Service (IRS) program in the place of United States. This program grants and allows people who have their tax still unpaid or any tax debt to discuss and negotiate a settles amount of money that is less than the total credit in order to clear the debt. This Offer in Compromise (OIC) program is under 26 U.S.C. In order to check and determine of a certain taxpayer is appropriate and eligible enough for the program of Internal Revenue Service (IRS), the taxpayer is required to use the checklist in the 656 form, Offer in compromise.
The main objective of this program is to accept an agreement of compromise when acceptance is in the interests and agreement between the taxpayer and the government. This also promotes voluntary conformity and compliance with all the future payments that is required to be paid and other filing requirements.