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Topic No. 204, Offers in Compromise

Tax Tip 2023-58, April 27, 2023 ¡ª When a taxpayer can't pay their full tax liability or if paying would cause financial hardship, they may want to consider applying for an Offer in Compromise. This agreement between a taxpayer and the IRS settles a tax debt for less than the full amount owed.

This page will help you figure out if and how you can apply for the Employee Retention Credit (ERC or ERTC) Voluntary Disclosure Program if you received the ERC but you are ineligible and need to repay it.

IR-2021-229, November 17, 2021 ¡ª The Internal Revenue Service today unveiled a new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise (OIC) themselves and avoid paying excessive fees to companies advertising outlandish claims.

An offer in compromise allows you to settle your tax debt for less than the full amount you owe.

If you don't pay your tax in full when you file your tax return, you'll receive a bill for the amount you owe. This bill starts the collection process, which continues until your account is satisfied or until the IRS may no longer legally collect the tax; for example, when the time or period for collection expires.

IR-2024-213, Aug. 15, 2024 ¡ª The Internal Revenue Service urged businesses that have received Employee Retention Credit payments to recheck eligibility requirements and consider the second Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP) to resolve incorrect claims without penalties or interest.

FAQs related to the collection due process (CDP).

Small businesses who currently have employees can qualify for an In Business Trust Fund Express Installment Agreement.

We still haven¡¯t received your Online Payment Agreement (OPA).