Bankruptcy And Tax Relief In Massachusetts
An offer in compromise is an option which allows you to settle your tax debt for less than the full balance. The IRS will consider your circumstances, including your ability to pay, your income, your expenses, and your asset equity. They will generally approve an offer in compromise if the amount offered aligns with the maximum they can expect to collect within any reasonable amount of time. The IRS will return your offer in compromise application, if you have not filed all the required tax returns or made any of the required estimated payments. In such a case, any payment included with the application will be applied to your balance due. You are not eligible for an offer in compromise if you are already in an open bankruptcy proceeding, so be sure to discuss your debt with a bankruptcy attorney in Beverly, MA before filing.
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