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An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed.
In most cases, the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential (RCP). The RCP is how the IRS measures the taxpayer’s ability to pay and includes the value that can be realized from the taxpayer’s assets, such as real property, automobiles, bank accounts, and other property. The RCP also includes anticipated future income, less certain amounts allowed for basic living expenses.You do not need to close a bank account, but if you have (or had) funds on your account - that information should be disclosed. If you do not disclose full information about your assets - and OIC would be accepted - the risk is that the OIC would be revoked.
You should beware of promoters’ claims that tax debts can be settled through the offer in compromise program for "pennies on the dollar". In many situations you will pay fees and OIC would not be accepted by the IRS.
Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.
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