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 ...

Facing overwhelming tax debt can be daunting, especially with mounting interest and penalties. However, the IRS offers several relief options, including the Offer in Compromise (OIC), which allows ...

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 ...

What to do if you're in tax debt Start by contacting the IRS to see if you qualify for an Offer in Compromise (Form 656-B), which allows you to settle your tax debt for less than what you owe.

Fact checked by Betsy Petrick Key Takeaways The IRS has 10 years to collect from you if you don't pay your taxes.Income, Social Security and retirement benefits, bank accounts, and tangible property ...

The Internal Revenue Service cautioned taxpayers to steer clear of promoters who claim their services are needed to handle unpaid debts, saying such businesses often charge excessive fees and often ...

While an Offer in Compromise is a legitimate program offered by the government agency that helps qualifying taxpayers settle tax debts for less than the full amount owed, these agreements are made ...

What is a "fresh start" when it comes to tax debt? It isn't as easy to get as high-priced tax relief outfits or "offer in compromise mills" suggest.