Taxpayers who have a tax debt and they cannot afford the full tax bill, either immediately or through a payment plan. Taxpayers may have heard that they can settle their tax debt for less than the full amount owed, this is called an Offer in Compromise. You may qualify for IRS debt forgiveness in the form of an offer in compromise if your meet certain criteria.
***There is three situations that the IRS will consider for an offer in compromise***
***There are also other requirements you’ll need to meet to qualify***
Keep in mind not everyone qualifies for an offer in compromise from the IRS. In fact, your chances might be slim, in 2017 the IRS received 62,000 offers in compromise and accepted only 25,000 of them. That is roughly 40% acceptance rate.
If you have reason to believe that you could qualify for IRS debt forgiveness through an offer in compromise. Give me a call and I can walk you through the process and give you general guidance on the offer in compromise program.
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