With tax season gone, it is quite possible that you owe Uncle Sam more than you can pay. Like any other creditor, the IRS will sometimes allow you to settle your debts for less than you owe, also known as an offer in compromise. With an offer in compromise, you can reduce a mountain of tax debt to something more manageable.
The IRS will allow an offer in compromise in three situations: (1) doubt as to collectability, (2) doubt as to liability, and (3) effective tax administration.
If you owe the IRS and want to know if you qualify for an offer in compromise, contact Global Law’s experienced tax professionals today.Please share:
- 6 Sep, 2017
- Karina Torres
- 0 Comments