Taxes Q & A- I am unable to pay my delinquent

I am unable to pay my delinquent taxes. Will the IRS accept an Offer in Compromise?

You may qualify for an Offer in Compromise if you are unable to pay your taxes in full or if you are facing severe or unusual economic hardship. Refer to Tax Topic 204, Offers in Compromise, for additional information.

References:

Tax Topic 204, Offers in Compromise
Form 656 (PDF) Offer in Compromise

Additional topics: Offer in Compromise

Source: www.irs.gov

Related Answers

I have investment property. Can you explain the term "basis of assets"?
Is an employer ID number the same as a tax ID number?
I received an academic scholarship that is designated to be used for tuition and books. Is this taxable?
Can I direct IRS to deposit all or part of my tax refund to any of my bank accounts with any financial institution?
I am in a disaster area and heard the IRS could help me. What can the IRS do?
All Answers

More Resources

Personal Finance Advice
Directory
Glossary
Investing Advice
Quizzes
Tip of the Day

Personal Finance Answers categories Why search the Web, when you can go straight to the best.

401(k) & IRAs
Annuities
Attorneys
Banks
Bonds
Buying Your Home
Car Financing
Careers
Child Care
College Savings
Company Research
Credit Cards
Credit Reports

Currency/Foreign Exchange Trading
Employee Stock Plans
Estate Planning
Government
Health Care
Identity Theft
Insurance
Internet Resources
Investing
Loans
Mortgages
Mutual Funds
Owning Your Home

Paying for College
Real Estate Investing
Retirement
Saving Money
Savings/Credit
Selling Your Home
Social Security
Stock Brokers
Stocks
Student Loans
Taxes
Traveling Abroad

Question & Answers

What Is a Series EE Patriot Bond?

Commonly known as a “war bond,”...Read More

What Is a Loan Modification?
Do I have to consider contingencies?
What Is the Foreign Tax Credit?

Quizzes

Hundreds of Investing & Finance Quizzes, Including

Mortgage Basics
Taxes
Estate Planning

Word of the Day

Conforming Loan

A "conforming loan" is a mortgage that meets the requirements for purchase by Fannie...

I am unable to pay my delinquent taxes. Will the IRS accept an Offer in Compromise?

What Is a Series EE Patriot Bond?

Hundreds of Investing & Finance Quizzes, Including

Conforming Loan

Newsletter