offers in compromise aren’t for everyone

how much can the client pay?

by eric l. green
tax rep network

no irs program is more interesting yet misunderstood than the irs’s offer in compromise program. for taxpayers who owe money to the irs, between 15 million and 20 million of them, the thought that they can settle their back tax debt for less than the amount owed is an answer to many of their prayers.

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many people have seen the late-night television ads or heard the satellite radio spots: the taxpayer, who seems just like them, owed huge sums of money to the irs and was being abused by the callous tax machine when the advertising company came to the rescue and settled that tax debt for “pennies on the dollar.”

are these ads telling us the truth? can taxpayers really settle their tax debt for little to no money? the answer is yes, they can, but it depends upon their financial situation.