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Offer in Compromise

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Offer in Compromise
A program whereby a person or company owing delinquent taxes asks the IRS to settle the debt for less than the full amount owed. In order to be eligible for an offer in compromise, the taxpayer must demonstrate some doubt that the assessed amount owed is correct, show some evidence that he/she will never be able to pay in full, and/or show that there are other circumstances, such as age or disability, that will hinder payment. See also: Form 433-A.
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The Tax Court held that an IRS Appeals officer's decision in a collection due process hearing not to reinstate a taxpayer's offer in compromise after the taxpayer failed to meet a condition of the offer in compromise was not an abuse of discretion.
Decision not to reinstate offer in compromise upheld by Beavers, James / The Tax Adviser
He submitted an offer in compromise for $4,457 when the balance was $148,745; the IRS rejected it.
Offers in compromise are reviewable by Brown, Michael H. / Journal of Accountancy
An Offer in Compromise (Form 656) is an agreement with the IRS that lets you resolve your tax bill for less than you owe; the general rule is at least 14% of the amount owed must be paid.
Getting out of an IRS mess by Brown, Carolyn M. / Black Enterprise
 
 
 
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