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What is an offer in compromise?An offer in compromise is an agreement with the IRS to settle your tax debt for less than the full amount you owe. You may qualify if you can’t pay your full tax liability or doing so creates a financial hardship. The IRS considers several factors to determine if an offer is acceptable including your equity in assets, your income and expenses. In order to be eligible for an offer in compromise you must be current in your tax filings. This means all returns up to the prior year must...
John Allgood, CPA MBA EA, All Rights Reserved
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