If you can't afford to pay back your full tax liability or doing so creates a financial hardship, an offer in compromise allows you to settle your tax debt for less than the full amount you owe. Taking your situation and unique set of circumstances into consideration, the IRS will look at the following items:
- Ability to pay
- Asset Equality
Although the IRS says they will approve an offer in compromise if the amount offered closely equals the amount they could expect to collect over time, coming to an agreement on what that amount actually is, is not an easy task. The process to apply for an offer in compromise is complicated, and requires a variety of forms, financial records, and the appropriate documentation.
Instead of spending countless hours navigating IRS procedures and paperwork, let the qualified tax professionals at the Law Firm of Lance R. Drury help you. We will make sure you satisfy all requirements necessary and give you the best chance in getting your offer in compromise accepted.
Let us sort out the complications and come up with your tax solutions. Get a free consultation from the Law Firm of Lance R. Drury in St. Louis.
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