Offer In Compromise
An offer in compromise (offer) is an agreement between you (the taxpayer) and the IRS that settles a tax debt for less than full amount owed. The offer provides eligible taxpayers with a path toward paying off their debt and getting a "fresh start".
The program allows taxpayers to settle with the IRS on tax debt that has been 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).
The application process involves sending in a Form 656 / 433-A, if applicable a 433-B. We can help!