Tax Tip 2019-44: Updated pub helps taxpayers understand an offer in compromise

 

IRS Tax Tips April 18, 2018

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Issue Number:    Tax Tip 2019-44 Updated pub helps taxpayers understand an offer in compromise The IRS just issued an updated publication with information for individual taxpayers and business owners unable to pay their taxes. This electronic pub, Offer in Compromise Booklet, helps people understand how an offer in compromise works. An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. An offer in compromise is an option when a taxpayer can't pay their full tax liability. It is also an option when paying the entire tax bill would cause the taxpayer a financial hardship. The ultimate goal is a compromise that suits the best interest of both the taxpayer and the agency.  When reviewing applications, the IRS considers the taxpayer's unique set of facts and any special circumstances affecting the taxpayer's ability to pay as well as the taxpayer's: Income Expenses Asset equity The booklet covers everything a taxpayer will need to know about submitting an offer in compromise, including: Who is eligible to submit an offer How much it costs to apply How the application process works The booklet also includes the forms that taxpayers will complete as part of the offer in compromise process. More information: See if you pre-qualify for an offer in compromise Share this tip on social media -- #IRSTaxTip: Updated pub helps taxpayers understand an offer in compromise  https://go.usa.gov/xmbRV Back to Top         Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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