An Offer in Compromise can allow an eligible taxpayer to settle for less than the full tax balance. It is a specific IRS process, not a general promise of reduced taxes.
Eligibility is individual
The IRS considers income, expenses, asset equity, and ability to pay. An offer is not suitable for everyone, and other payment options should be considered.
Filing and payment requirements matter
Review the current requirements for returns, estimated payments, and business deposits before applying. Application requirements and low-income provisions depend on the circumstances.
Prepare an accurate financial picture
Organize information about income, necessary expenses, assets, and liabilities. Do not omit information or assume a marketing claim establishes eligibility. An accepted offer also comes with conditions that must be followed.
Official IRS resource
IRS Offer in Compromise guidance
Educational information only. This article is not individualized tax or legal advice. Eligibility and results vary.
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West Palm Beach, FL 33401
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Call 844-651-1301STEP 1 OF 5 · YOUR TAX BALANCE
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