IRS Offers in Compromise
What can you do if your tax liability is due and owing and you have
insufficient funds to make payment? The answer is the IRS program known
as “Offers in Compromise.” Under this program, if you owe money
to the IRS and agree to a number of conditions, you may be able to
settle with the IRS for less than full tax liability. The IRS has
recently become more receptive to Offers in Compromise in an effort to
reduce its accounts receivable. In our experience, the IRS is receptive
to Offers in Compromise where (1) the taxpayer and attorney handle the
discussions and negotiations in an open and professional manner and (2)
there is doubt as to collectability or some doubt as to liability.
Taxpayers who qualify should be advised to consider this program.
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Aryeh's AIPAC Presentation of June 1, 2008
