Offer in Compromise
Tax
The IRS's Offer in Compromise program allows taxpayers to settle tax debt for less than the full amount owed, especially in cases where the full payment is unlikely to be collected or when taxpayers cannot afford to pay. Through this program, it is possible to eliminate taxes, penalties, and interest at a significant discount, with the key being to determine the lowest amount the IRS will accept before making the offer.
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Did you know that you can settle your debt with the IRS for less than the full amount you owe with their Offer in Compromise program?
The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay.
Did you know that you can settle your debt with the IRS for less than the full amount you owe with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay.
The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).
Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right."
If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.
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