Offer in Compromise
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. IRS considers your unique set of facts and circumstances:
· Ability to pay;
· Income;
· Expenses; and
· Asset equity.
IRS generally approves an offer in compromise when the amount offered represents the most IRS can expect to collect within a reasonable period of time. Explore all other payment options before submitting an offer in compromise. The Offer in Compromise program is not for everyone. If you hire a tax professional to help you file an offer, be sure to check his or her qualifications. Considering a Tax Professional? For no obligation free consultation contact us today!
Amare Berhie, Enrolled Agent
612-282-3200 Toll Free866-936-0430
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