Many people end up owing the IRS for many reasons and there are various options to resolve your tax debt. Some of the options include an offer in compromise, installment agreement, or currently non-collectible status.
What is an Offer in Compromise?
An offer is when a taxpayer and the Internal Revenue Service settle a taxpayer’s tax liabilities for less than the full amount owed.
Who Qualifies for an Offer in Compromise?
Taxpayers who can fully pay the liabilities through an installment agreement or other means, generally will not qualify for an offer in compromise in most cases. To qualify for an offer, the taxpayer must be current on filings and made deposits for the current year.
