Posts tagged business.
Where individuals and businesses owe IRS taxes, the IRS has a settlement program where it can legally accept less than what is owed. Known as an "Offer in Compromise," Congress has given the IRS the authority to "compromise" and reduce a tax debt owed to it, but only under very specific terms. The IRS does not have other programs or alternatives where it can accept less tax than what is owed - only the Offer in Compromise.
The IRS Offer in Compromise program has been in effect for many years, but the program has changed. Many individuals and businesses file their own Offers in Compromise with ...
Posted in: Federal Tax, Tax Collection/Bankruptcy
Tags: business, Congress, debt owed, Doubt as to Liability, filing taxes, IRS, offer in compromise, pay-off, terms