Imagine owing a tax debt so burdensome that you can’t see yourself ever being able to pay it. Wouldn’t it be nice if there was some way to write off some of your tax debt? Believe it or not, there’s something called an offer in compromise that allows taxpayers with back taxes to settle their tax debts with the IRS for less than the full amount. While not a magic reset button, the offer in compromise serves as a helpful tool for getting out from under the IRS’ thumb.
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