Can I Settle My Tax Debt With The IRS For Less?
If you owe taxes to the IRS, you might be wondering if you can settle your debt for less than the full amount you owe. The answer is maybe. The IRS has a process called Offer in Compromise (OIC) that allows taxpayers to settle their debt for less than the full amount owed.
To qualify for an OIC, you must prove that you cannot pay the full amount of your tax debt and that paying anything would create a financial hardship for you. You will also need to submit a detailed financial statement to the IRS.
If your offer is accepted, you will need to pay the agreed-upon amount in lump sum or through a payment plan. If you default on your payment plan, your offer will be rescinded and you will be responsible for paying the full amount of your tax debt plus interest and penalties.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling on the number 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706