If you get an IRS notice don’t panic but don’t ignore it either.  Read it carefully and review your tax return. If you use a tax professional, give a copy of the notice to them as soon as possible.

Part 3 provides information about the Offer In Compromise, or OIC, program.  An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed.

Part 2  has information about new legislation that allows the IRS to enter into installment agreements that result in full or partial payment of the tax liability.

Part 1 provides information about the American Reinvestment and Recovery Act of 2009 or ARRA, including the change to the health benefit provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, known as COBRA.