Offer In Compromise
The IRS’s Offer in Compromise program allows taxpayers to settle their tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay for less than the full amount.
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).
An Offer In Compromise can 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 done "right." The key is to determine (a) if you qualify and (b) the lease amount the IRS will accept.
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