The IRS has announced an expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program. 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. It can only be done if the IRS believes the liability can’t be paid in full as a lump sum or through a payment agreement. This determination is made by looking at the taxpayer’s income and assets. The new expansion of the OIC program includes, in certain circumstances: [Read more…] about IRS Improves Offer-in-Compromise Terms for Struggling Taxpayers