If you can’t pay the full amount of your taxes all at once or through a payment agreement, you may qualify for the Offer in Compromise program with the IRS. An Offer in Compromise is an agreement between you and the IRS to settle your tax debt for less than the full amount you owe. The IRS looks at the taxpayer’s income and assets to make a determination of the taxpayer’s reasonable collection potential. This program also enables some tax payers to resolve their tax problems in as little as two years compared to four or five years in the past. Before the IRS can consider an offer, the taxpayer must be current with all filing and payment requirements, and they must not be in an open bankruptcy proceeding.
For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.