Payment difficulties may arise after such high inflation and soaring prices in the United States. The IRS is aware of the fact that some taxpayers cannot afford to pay all the money they owe.
The IRS offers the possibility to see if you are eligible for an Offer in Compromise online. In this way, you could settle your debt for less than the full amount of money you owe.
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WHO IS ELIGIBLE FOR THE IRS OFFER IN COMPROMISE?
To know if you are eligible for an offer in compromise the IRS will make sure you meet several requirements. For example, one of them is that you are not in an open bankruptcy proceeding.
What is more, the Internal Revenue Service will check that you filed all the required tax returns. Besides, you must have made all the necessary estimated payments.
Undoubtedly, you must also have a valid extension for this year’s tax return. Being an employer who has made tax deposits for the past two quarters and the current one before you apply for it.
HOW CAN TAXPAYERS KNOW IF THEY QUALIFY FOR THIS IRS OFFER?
It is really simple since they can use the Offer in Compromise Pre-Qualifier tool. By doing so, the Internal Revenue Service will give you information as a guide. The only way to know if you really qualify is to apply.
Anyway, there is nothing to lose so you can visit https://irs.treasury.gov/oic_pre_qualifier/ and fill it out. The Internal Revenue Service will need basic information, assets, income, expenses, and your proposal.
It will only take you a few minutes and you will see if you qualify or not. Once you find out you are eligible, you will need Form 656 says the IRS. Do not forget that submitting an application does not grant an offer in compromise.