Settle Your IRS Debt
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.
How It Works
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.”
Achieving the Best Settlement
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. Our experienced tax professionals can help you navigate this process to achieve the best possible outcome.