The IRS is ready to compromise

Real Estate Tax Talk

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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.