An offer in compromise is a settlement for taxpayers who cannot afford to pay their tax debt. Below are some things a taxpayer should know before applying for an offer in compromise:
- If a taxpayer can afford to pay what is owed, the IRS cannot accept a settlement offer.
- In order for the IRS to consider a tax settlement offer, the taxpayer’s required tax returns must be filed.
- There may be a payment required to apply for a settlement offer.
Do you qualify for an offer in compromise? Contact Tax Defense Partners today for further assistance.