This is an opportunity for you to settle your tax liability for less than what you actually owe the IRS.
A solution that works for you if your current financial situation clearly shows that you have no ability to pay your debt in full.
The goal of the program is for the IRS to collect as much of the back taxes that you owe as soon as possible and at the least cost to the government.
The IRS takes you out of Collections while your offer is being reviewed. This means that, the IRS cannot levy your bank account or garnish your wages while your offer is pending. (The pending period is from the date when an authorized IRS agent signs the OIC until an IRS official renders a final determination.)
The process of this program is definitely neither easy nor is it fast. It can take anywhere from 3 months to a year for the IRS to review your case. If the process exceeds two (2) years then it automatically means that the IRS has accepted your offer
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