When you owe back taxes to the IRS, the federal agency can take several measures to collect the money owed – including garnishing your wages. This means that the IRS can contact your employer and have them direct a portion of your income — whether it is hourly wages, salary, commissions, or bonuses — directly… Read more »
If you’re having tax problems
Tag: IRS Offer in Compromise Application
If you owe taxes but you cannot afford to pay off your entire debt, you can try to qualify for an Offer in Compromise (OIC). While working with a tax attorney, you can make an offer to the IRS stating what you can afford to pay – typically for less than what you owe.
Do you owe back taxes to the IRS? Until your debt is paid in full, the federal agency can assess penalties, interest, and more. Fortunately, you have options on how to settle your debt with the IRS. One solution is an Offer in Compromise.