Times are tough. Many taxpayers owe the IRS big bucks. Fortunately, the IRS is taking steps to help them. The IRS recently announced an expansion of its "Fresh Start" initiative by offering more flexible terms to its Offer in Compromise (OIC) program. This is intended to enable some of the most financially distressed taxpayers to clear up their tax problems more quickly than in the past -- in as little as two years compared to four or five years. An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer's tax liabilities for less than the full amount owed. However, the IRS won't agree to accept less than it's owed unless you can show you really can't pay the full amount -- either as a lump sum or over time through a payment agreement. The IRS looks at you...
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