Did you know that you, a financially struggling taxpayer, can settle your income tax debt with the IRS for less than you owe them with their Offer in Compromise program?
The Offer in Compromise program allows taxpayers to settle with the IRS on an income tax debt that has been:
1) incorrectly assessed or
2) for tax liabilities they cannot afford to pay.
The IRS Code states: “We (the IRS) 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).
Many times, (but not always) it is possible to completely eliminate all of the taxes you owe – including all penalties and interest – at a huge discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done “right.”
Can you imagine your doctor walking into your examination room and start writing a prescription, without having any type of examination or asking you any questions???