Settle your IRS tax debt for less with offer in compromise
You can settle your debt with the IRS for just pennies on the dollar with the Offer in Compromise program. The program allows taxpayers to settle with the IRS on tax debt that has been assessed incorrectly or for liabilities that they cannot afford to pay. However, the taxpayer must file and pay taxes for the next 5 year periods after the offer is accepted, or the taxpayer will be responsible for all the prior taxes and penalties.
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 "reasonable". 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.
Who is eligible?
You're eligible to apply for an Offer in Compromise if you:
- Filed all required tax returns and made all required estimated payments
- Aren't in an open bankruptcy proceeding
- Have a valid extension for a current year return (if applying for the current year)
- Are an employer and made tax deposits for the current and past 2 quarters before you apply
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