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What is a Tax Offer in Compromise?
A tax offer in compromise is simply an agreement among the IRS and a taxpayer whereby the taxpayer's tax financial debt is settled for an volume that is significantly less than the total harmony that is owed. Typically, the IRS will not acknowledge an offer in compromise if it feels that the tax liability can be paid off in complete possibly in a lump sum payment or by way of an installment agreement.
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