i am paying irs agreement for last 5 years--mu income now is low can i get an offer in compromise

[bbots2020]

What is the name of your state?new york

 

[bbots2020]

can i get oic if i am paying an irs agreement

 

[Dandy Don]

I assume you mean an "Offer In Compromise".

How much did you owe in the beginning?

How much do you owe now?

Are you a business owner or self-employed or just a regular individual taxpayer?

Have you filed for bankruptcy?

 

[Taxing Matters]

can i get oic if i am paying an irs agreement

The IRS will consider an offer in compromise (OIC) while you are on an installment agreement (IA). Whether the IRS will approve the offer depends on the offer you make, the details of your financial condition, your potential for earning income in the future, what taxes are involved, etc. In general the IRS will accept an OIC if what you are offering to pay is more than the IRS can get from you any other way (IA, enforced collection, etc) over the period the IRS has left to collect the tax.

 

[LdiJ]

One thing that the IRS is pretty good about is lowering an installment amount if your financial circumstances have changed. Get your 2019 taxes filed promptly and that will give the IRS more current information on your income situation, then make an appointment at your nearest IRS service center and talk to them about that. Even if you are going to try for an offer in compromise that would give you a little relief while you go through that process.

Go here:

https://www.irs.gov/help/contact-my-local-office-in-new-york

To find the local office nearest you and the phone number to call for an appointment.