I am looking to get advice, read about best practices, see examples, and/or learn the process. Any information will be helpful! (Yes, I will be working with a tax professional through this process.) Thanks!
2007-02-15 10:52:36 · 2 answers · asked by Thunderbird Clan 1 in Business & Finance ➔ Taxes ➔ United States
Go to IRS.gov
http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=oic
This has many links to review for the Offer in Compromise program
2007-02-15 11:04:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I am providing a link to a page on the IRS website "Is an Offer in Compromise Right for You." It has some good information and links to additional information.
In broad strokes, you are going to have to detail out to the IRS what your net worth is and how much disposable (according to IRS rules) income you have for the next several years. You will then have to offer more than that to the IRS.
The process is arduous, but it can pay off.
2007-02-17 06:09:12 · answer #2 · answered by Take Responsibility 2 · 0⤊ 0⤋