Did you know that you can settle your debt with the IRS for just pennies on the dollar 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.
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 settle the taxes you owe - including all penalties and interest - at a discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done properly. The key is to determine the least amount that the IRS will accept from you before you make the offer.
For more information, please contact Tax Partners Alan Yates or Craig Rubin either via email or call at 631.845.5252.
