Tax Debt Relief From the IRS: What You Need to Know Most people dread getting a bill from the IRS. But if you find yourself in a situation where you owe money to the IRS, there are options available to help you get relief from your debt. Read on to learn more about tax debt relief and how it can help you. Offer In Compromise There are a few different types of tax debt relief that you may be eligible for. One option is called an offer in compromise (OIC). With an OIC, you agree to pay the IRS a lump sum that is less than the full amount that you owe. In order to qualify for an OIC, you must prove that you are unable to pay the full amount of your debt and that paying the reduced amount would not create an undue financial hardship for you. Currently Not Collectible Another option for tax debt relief is called Currently Not Collectible status (CNC). With CNC status, the IRS agrees to temporarily suspend collection activities on your owed taxes. This can be helpful if you are facing a fin