|
The Offer in Compromise program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay. The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122). An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer's tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or payment arrangement.  McArthur, Thames, Slay and Dews, PLLC #1 Commerce Drive, Suite 100, Hattiesburg, MS 39402 Post Office Box 15339, Hattiesburg, MS 39404-5339 Phone (601) 264-2423 Fax (601) 264-1099 info@mtsdcpa.com |
