An IRS OIC is short for an Offer in Compromise. When an IRS OIC is accepted, you can essentially wipe out your tax debt by paying only a portion of the total bill. As with anything regarding the IRS, there are strict requirements that must be met to be able to quality for an OIC. But the IRS may accept as little as 1% of the amount you owe in taxes and call it even if you satisfy all the requirements. There have been documented situations of this in the past.

Though taxpayers have no right to get a tax debt reduced, doing so is still at the IRS's discretion. As long as an OIC is correctly submitted, the IRS is required to provide it a fair amount of consideration, although getting accepted is slim. Furthermore, you can have the IRS Appeals Office review your OIC further if it is rejected.

Submitting an OIC has a formal and strict process involved. First, you must complete the Offer in Compromise Form 656. Filing this form is not free, and there's an application fee of $150 that needs to be included in the form at the time it is submitted. You may be exempt from the fee of $150 if you qualify under certain guidelines for poverty. If you're claiming exempt status, the Form 656 booklet has an Application Fee Worksheet that must be submitted.

It is best to determine if your case justifies the effort and time required to file the OIC because the process is stringent. You'll be requested to submit documentation such as bank records, vehicle registrations, and pay slips along with your form, and if your OIC gets rejected, the IRS could use these information against you.

To qualify for OIC consideration, you should satisfy any of three conditions. One condition states that you should prove substantial doubt that the tax debt can be collected from you at present or in the future, or doubt as to collectability. Doubt as to liability is another qualification. This would entail providing enough proof to question if you are indeed responsible for the tax debt. The last qualification states that paying your tax debt fully is unjust as it will place you at an extreme economic hardship.

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