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If your individual circumstances mean that forced collection may cause financial hardship, the Internal Revenue Service may be more willing to consider an offer in compromise.
Beyond these three main facets, you must be up to date on your tax filing. Regardless of whether or not you can pay your tax debt, it’s important to always file. This will help you avoid a failure to file penalty, and make it more likely that the Internal Revenue Service will accept any offer made. You also must not be involved in any open bankruptcy proceedings and will be expected to describe your financial situation in great detail.
Receiving approval for an offer in compromise can be difficult; they’re rare and can take months to approve. It’s important to consider hiring a tax preparer or other tax professional to help arrange the details of such an offer to ensure a better chance of approval.