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Facing a tax debt? Make the IRS an offer it can’t refuse

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in Small Business Tax

Suppose you're stuck in a financial pickle and can't scrape up all the money the IRS says you owe. That doesn't mean you need to sell the house or flee the country. If the IRS agrees to a compromise, you can work out a mutually beneficial deal that allows you to pay what you can, when you can.

Strategy: Strike a deal sooner rather than later. As we go to press, Congress is debating legislation that undercuts the IRS's so-called "offer in compromise" program. The Senate has already approved the bill. If reform advocates have their way, it will be more costly and difficult in the future to settle with the IRS over tax debts.

Even if the proposed legislation isn't enacted, it still makes sense to clean up looming tax matters as quickly as possible.

'Offer in compromise' changes eyed

If you're unable to meet your tax obligations and have explored all other payment obligations—such as paying the IRS under an inst...(register to read more)

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