What is an IRS Offer in Compromise? A Tax Attorney Explains

An offer in compromise is a settlement on a tax debt with the IRS. A taxpayer that owes taxes to the IRS submits an offer in compromise proposing to pay a smaller amount than the total amount of the tax bill owed. The IRS can accept the offer, reject the offer or make a counteroffer. Specific financial statements and documents are submitted with the offer and the process as a whole can be quite lengthy. If you are considering submitting an offer in compromise to the IRS, you can speak with a Columbus tax attorney by contacting The McGuire Law Firm.

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