The IRS is not the big bad guy that everyone would think it is. In actuality the IRS offers programs to settle your tax debt for just pennies on the dollar. The program is called Offer in Compromise and helps those whose tax debt has been incorrectly accessed or cannot afford to pay.
The Offer in Compromise program is actually written into the IRS Code which states “We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential.”
It is often possible to remove all the penalties and interests you have incurred which can lead to an enormous amount of savings. What it all comes down to is the bottom limit the IRS will accept in your case.
The offer you make to the IRS is critical to get the best discount in your Offer in Compromise.
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