An offer in compromise allows you to pay back your tax debt for less than the full amount you owe. If you are having trouble paying back everything that is owed, or paying back creates a significant amount of financial pressure, you may want to consider this option. The offer in compromise is not guaranteed for everyone. You have to go through a process that takes a hard look at what you are capable of doing financially. The IRS will consider your ability to pay, how much you make, what your expenses look like and how much you own in assets.
If you owe money to the IRS, and are incapable of paying it back, an offer in compromise may be your best bet. Experienced Attorney Elaine Fridlin has handled hundreds of cases concerning offer in compromise and will not let you down. For more information, or to schedule an appointment, call (718) 372-4400.