Offer In Compromise Businesses
Offer In Compromise
Did you know that you can sometimes settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows qualified 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).
It is possible to dramatically reduce the taxes you owe - including penalties and interest. There is no preset bottom limit that the IRS will accept to settle your debt, if the Offer In Compromise documentation required by the IRS is prepared thoroughly and correctly.