An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for.

Answer: Utilizing Form 656, Offer in Compromise, you may be in a position to negotiate a settlement with the IRS. Here are the IRS basic guidelines for making an offer:l ...

You'll need to complete Form 656 (the actual offer) and Form 433-A or 433-B (detailed financial statements). The IRS will also want to see bank statements, pay stubs, asset valuations and proof of ...

If a taxpayer is unable to afford their complete tax debt, they may be able to make a compromise for a lower amount due. A tax expert explains what the compromise process looks like and which ...

Facing tax debt? The IRS Offer in Compromise lets you settle for less, but strict criteria apply. Learn about penalties, CNC status, and payment plans.

Applying for it involves these steps: Submit Form 433-A (OIC) with complete details about your assets, income, expenses and liabilities Include Form 656 (the official offer in compromise contract) ...

On April 24, 2001, he filed Form 656, Offer in Compromise, for tax years 1986, 1987 and 1993 to 1999. On May 7, 2001, the IRS sent Dutton a letter granting partial relief from joint and several ...

If you qualify, submit Form 656 (Offer in Compromise) along with Form 433-A (Collection Information Statement) and the application fee (which may be waived for low-income taxpayers).