Certain taxpayers can utilize an Offer in Compromise to resolve their tax debt issues!
For some taxpayers’ paying full tax liability may cause financial hardship…
In these situations, the taxpayer may want to consider applying for an Offer in Compromise. The taxpayer may consider the agreement, an Offer in Compromise in settling a tax debt for less than the full amount owe. This agreement perhaps can be in the best interest of both the taxpayer and the agency, such as IRS and FTB. However, when reviewing the application, the agencies consider the taxpayer’s special circumstances along with unique set of fact that are affecting their ability to pay… Included in these facts are income, expenses, and asset equity.
For all inquiries related to an Offer in Compromise, please contact our office at 310.666.0244
Reference:
https://www.irs.gov/payments/offer-in-compromise
https://www.ftb.ca.gov/pay/if-you-cant-pay/offer-in-compromise.html