Have you ever heard of an irs “offer of compromise”? I knew of some companies who claim to negotiate tax debts with the irs but didn’t know exactly how it worked or what it’s precise term was called.
After reading this article you will know. It’s basically like any other debt negotiation. The Internal Revenue Service will assess what they think they can collect from you and that will basically be the floor. They’re unlikely to accept any amount less than that so it takes out many taxpayers from qualifying.
However, if you get 1 approved you can get wage garnishments, bank account holds, and other nasty collection processes lifted.
