Offer in Compromise Part 1
We often hear this question from clients. Many companies have advertisements that say they can get you a settlement for pennies on the dollar. Unfortunately, as the saying goes, if it sounds to good to be true, it probably is. Not that this never happens, but it is extremely rare. What they are really asking about is what the IRS terms an Offer in Compromise. Before you try to go this route there are few things you need to know.
The Offer in Compromise is a complex process that actually has a relatively small chance of being approved. Plus, there are many reasons you may not qualify. The next few blogs will discuss what you need to know to file an Offer in Compromise. While they are most often done for individuals, they can also be done on a Sole Proprietorship or on a Small Business.
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