April 26, 2021
Do you owe money to the IRS but aren’t able to pay. Or is your balance so high that you have an installment agreement but don’t know when you’ll be done paying?
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It’s a good option if you can’t pay your full tax liability, or doing so creates a financial hardship. The IRS will consider your unique set of facts and circumstances including:
Ability to pay
Make sure you make them an offer they can’t refuse by working with your accountant to prepare the offer.
You are not eligible if you are in an open bankruptcy proceeding.
If you have questions or want to submit an offer, reach out for a consultation.
Disclaimer: For informational purposes only. Not Tax or Legal advice.