I was wondering...
2006-12-06 07:39:36 · 4 answers · asked by mountaingurl_27 1 in Business & Finance ➔ Taxes ➔ United States
Never personally, but you can expect a lot of back and forth with the IRS.
Honestly if you are trying to settle yourself, don't. The IRS will screw you over. I would reccommend finding a tax settlement firm to help you out. They know how to get your offer accepted, and often times an individual ends up putting their foot in their mouth.
If you have someone representing you, don't worry about a thing.
2006-12-06 10:28:02 · answer #1 · answered by Tobin P 2 · 0⤊ 0⤋
An Offer in Compromise is just going back and forth with the IRS to come to an agreement on taxes owed to the IRS. If you owe taxes to the IRS and can't/don't pay, they may either agree to accept a lower amount for payment in full, or accept payments on an installment plan. If they do not agree, then they can issue a garnishment order.
Typically, the IRS will accept any reasonable offer. After all, they just want to collect the taxes due to them.
2006-12-06 07:51:58 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
jseah114 was right until July. See new notices cited below for the rules on an offer in compromise based on doubt as to collectibility. You have to come up with 20% down under most circumstances. They have become less friendly in the last few months.
2006-12-06 10:29:01 · answer #3 · answered by mattapan26 7 · 0⤊ 0⤋
Not me, but my company did. IRS can be merciful if you respond to them right away and cooperate with them.
2006-12-06 07:50:11 · answer #4 · answered by FeelingPurple 2 · 1⤊ 0⤋