The IRS is Allowing Taxpayers to Receive Their Tax Refunds

Breaking news for United States citizens and businesses who could not afford to pay their income taxes and did an Offer in compromise (OIC) with the IRS. Starting this month the world's largest collection agency (IRS) is allowing taxpayers who settled their back taxes with an OIC to receive their current and future tax refunds. Historically taxpayers who entered an Offer in Compromise (OIC) tax settlement with the IRS would not get their refunds as the government would apply it towards what they owed. This is all part of an Offer in Compromise (OIC) agreement when one is forgiven of the back taxes owed to the IRS.

Furthermore, the IRS is now allowing individuals who are currently negotiating their Income Tax with an Offer in Compromise (OIC) to receive their tax refunds to pay housing and other necessary expenses such as cable TV, trash, and phone bills.

This new update applies to people who previously signed an Offer and Compromise as well as those who are and are getting ready to accept and sign an Offer in compromise with the IRS.

These new changes were made because the US government is giving relief to those in need during the Pandemic. This is helping many Americans with lower incomes. IRS is currently giving many taxpayers additional income each month via direct deposit to help them meet their financial obligations.

Some important information regarding the refunds is the IRS will not refund taxpayer's refunds if they were not listed in the original Offer in Compromise (OIC).