Articles Posted in Offer In Compromise

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When it comes to an IRS tax debt settlement, one of the best available options is to appeal for an Offer in Compromise. This is an agreement between your tax attorney and the IRS where you will pay a lesser amount than what you actually owe.

The purpose of an Offer in Compromise is to convince the IRS that it is not worth their time to forcibly take money from you (i.e. levy) when you have no funds to give anyway. Your alternative is a lesser one-time payment or a more flexible payment scheme.

Requisite Criteria for Consideration of an Offer in Compromise

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Taxes are the duty of every responsible citizen. However, there are times when people fall behind on their due taxes because of various reasons. There are some who are faced with an emergency medical issue, death in the family, divorce, economic hardships, job loss or plain tax evasion among many reasons.

Whatever the reason, an outstanding tax balance is never excused that immediately. It can definitely add to anyone’s worries. When tax debt piles up, your financial situation only worsens because penalties and interest will increase your total liabilities.

The Gravity of Unpaid Taxes