Under certain circumstances, you can settle your tax debt with the IRS for less than the total amount of tax you owe. If you can convince the IRS that you will likely never be able to pay the whole amount, the IRS may accept a lower amount. If you can prove this, your tax debt will be discharged by paying the settlement amount.
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While it may seem that you have a solid case of hardship (paying the whole amount would be much too hard on you), convincing the IRS to settle is far from easy. There are legal definitions of hardship which apply. Additionally, the IRS has guidelines and rules about whether or not you could truly pay your IRS tax debt.
Get Professional Help to Settle IRS Tax Debt
Dealing with the IRS can be difficult and confusing at the best of times. When asking the IRS to lower the total tax debt owed, you submit an offer in compromise. Offers in compromise must follow formal procedures.
Offers in compromise also require the collection and organization of complex financial information. Any flaws in the amount or format of this financial information can result in denial of the offer. Therefore, it is often best to hire tax professionals to attempt to settle with the IRS for you. At Tax Tiger, we are often able to settle IRS tax debts, even obtaining settlements for as little as $10. Our tax attorneys have extensive experience negotiating with the IRS; in fact, one of our attorneys worked for the IRS for nearly 30 years. We can both facilitate the collection of financial information and negotiate a settlement with the IRS. If you have a tax problem, we can help.
