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how does an offer in compromise work

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  3. Category: Tax Relief
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  5. how does an offer in compromise work

Asked: 2018-09-02 05:12:20

I see on the irs website that I can apply for an offer in compromise, does anyone know how that works?
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20

Answered: 2018-09-03 09:04:31

I lost my job at Mcdonalls and got a divorce in same year, the next year I opened a failed business and owed much in back taxes. I filled out the application for an offer in compromise and was excepted. Such a huge relief for me.

6

Answered: 2018-09-03 01:19:19

I would suggest talking with someone who has experience with tax laws and completing an offer in compromise. All of that tax stuff is pretty complicated.

1

Answered: 2018-09-03 17:59:27

You gotta file the application with the irs and they will let you know if you are approved or not. I hear not many people are.

0

Answered: 2018-09-03 14:07:38

An offer in compromise works with taxpayer who have a tax debt they cannot pay. They can settle tax debt for less than the full amount owed. The taxpayer must file all required tax returns first before the IRS can consider a settlement offer. You must file the application with the IRS and then they will make a decision based on your application.

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