The Offer in Compromise is the IRS’ “Let’s Make A Deal” program that allows you to pay an amount less than what you owe. The program is meant to be a fresh start for taxpayers who have tax debts they either can’t afford or there are economic or public policy/equity circumstances that would justify accepting the offer for an amount less than full payment.
That’s right! You can owe money to the IRS, have the money to pay it, and still settle for less than what you owe.
This is an incredible opportunity for to save some big bucks, but you need the right defense.