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Can taxes be settled by offering a fraction of what is owed?

April 26, 2017fraction offering settled taxes

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Can taxes be settled by offering a fraction of what is owed?

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The Offer In Compromise must include an amount equal to or greater than the total value of all assets, plus future income. That total is generally the reasonable collection potential amount, and not simply an offer of ten cents on the dollar, or a percentage of the debt. The Offer In Comprise program is not designated to be a program for everyone with financial problems, and it should not be viewed as an invitation to avoid paying taxes.