Educational Tax Tip: The Cost of Applying for an Offer in Compromise

You’ve probably heard about the Offer in Compromise (OIC) as a tax resolution option, but have you considered what it costs to apply? The application fee for an OIC is $205, but it’s waived if you meet low-income certification requirements. Eligibility depends on factors like your income, family size, and state of residence, as detailed in IRS Form 656. If you qualify, you won’t need to pay the fee, an initial payment, or monthly installments while the IRS evaluates your application.

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