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