I have heard about the IRS settling tax debts for pennies on the dollar. What is that program?
The Offer in Compromise program is frequently called settling tax debt for pennies on the dollar. However, that’s not exactly how it works. The Offer in Compromise program is based on several factors including your monthly income, your monthly expenses, and any assets. That formula is used to calculate the amount that you could pay to the IRS to settle your debt. The Offer in Compromise program can take a number of months to complete, and it’s important to have a tax resolution attorney to assist you with this complicated process.