Alphabet Soup for Offers in Compromise

Taxpayers who have few assets and little prospect of generating sufficient income to pay a tax liability in full may be allowed to strike a settlement for less than the full amount due to settle their case. This is known as an offer in compromise. The IRS's acceptance of an offer in compromise conclusively settles the liability once and for all, absent fraud or mistake. This presentation will cover the nuances of offers in compromise highlighting the issues that arise most frequently.