Did you know you can resolve your IRS debt for a fraction of the amount owed through their Offer in Compromise program? This program allows taxpayers to negotiate a settlement for incorrectly assessed taxes or debts they cannot pay.
Internal Revenue Code section 7122 states, "An Offer in Compromise will be accepted if it is unlikely that the full amount owed can be collected, and the proposed offer reflects a reasonable collection potential."
In many cases, it's possible to entirely eliminate your tax debt, including all penalties and interest, at a significantly reduced rate. The IRS will accept no fixed minimum amount; the settlement depends on making the "right" offer.
If handled properly, your debt could be settled for just 5-15% of the current amount owed. The crucial step is to determine the minimum amount the IRS will accept before submitting your offer.
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