Recently, I was asked by a reader: “Will the IRS usually accept an offer in compromise when you owe taxes?” “Usually” is probably not the right word. But, in the right circumstance, the IRS will accept an offer in compromise every time. You must show the IRS that you do not have the future income [...]
Tag Archives: irs tax debt
Can I File an Offer in Compromise after Setting up an Installment Agreement?
Setting up an Installment agreement can be a challenge, but it is also a great way to resolve some IRS cases. Very simply put, an installment agreement is a way to pay off your tax debt with a monthly payment plan. You may full pay your tax debt or you may not, depending on the [...]
Length of Time IRS Debt can be Collected
There are several statues of limitations when it comes to how long the IRS has to collect tax debt from you. The first statute of limitations you have to worry about is the time the IRS has to go back and examine (or audit) your income tax return. The IRS has three years from when [...]
