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The Offer-in-Compromise Process

Posted by Roderick Woods | Jul 01, 2019 | 0 Comments

Do you owe past-due taxes to the IRS? An IRS offer in compromise (OIC) can be a good tax relief option. This program can allow you to settle your tax liability for less than the original amount you owe, sometimes known as settling for pennies on the dollar.

Negotiating an IRS offer in compromise can be a complicated process, which, at times, may feel overwhelming. OIC's involve various kinds of paperwork and forms that must be gathered and completed in detail.

Typically, the application for an IRS Offer-in-Compromise will require you to provide:

  • A comprehensive Collection Information Statement
  • Personal bank statements
  • Business bank statements (if you own a business)
  • Paystubs
  • Profit-and-Loss Statements (if you own a business)
  • Investment account statements
  • Mortgage statements
  • A $186 application fee

Missing a minor detail or failing to meet a deadline can result in your compromise being refused by the IRS. This is why it is important to secure strong, experienced legal representation.

You should hire an attorney who is familiar with tax law and IRS offers in compromise. We handle all offer-in-compromise matters on a flat fee basis. Attorney Roderick D. Woods can help you get through the OIC process. Call (860) 999-9757 to speak with us today!

About the Author

Roderick Woods

RODERICK D. WOODS, ESQ. A summa cum laude graduate of the State University of New York and a graduate of Albany Law School of Union University in Albany, New York, Attorney Roderick D. Woods is an experienced litigator with a proven record of success in civil litigation. In 2007, he founded The Woods Law Firm, LLC, in Hartford, Connecticut, with a dedicated focus on representing individuals in a wide array of consumer litigation matters, including actions brought under the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and the Connecticut Unfair Trade Practices Act. Since 2015, Attorney Woods has been Of Counsel to Rights Protection Law Group, PLLC, of Boston, Massachusetts, and, in 2020, became Connecticut local counsel, managing all Connecticut litigation matters, for The Litigation Practice Group, P.C., a California-based firm devoted to consumer litigation. He authors two blogs, Connecticut Consumer Lawyer and The Daily Litigator.


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The Woods Law Firm, LLC represents clients throughout the state of Connecticut, including Hartford, Tolland, Putnam, New London, Middlesex, New Haven, Litchfield and Fairfield Counties.