How Does IRS Tax Settlement Work and How to Settle the Taxes You Owe

Paragontaxsolutions28 Jul, 2022Finance

The IRS tax settlement process can be confusing and intimidating, but it doesnt have to be. This article will explain how the process works and how you can settle your taxes for less than you owe. If you?re looking for your taxes and how to settle with IRS, there are a few things you need to know. The IRS offers two settlement options, the Offer in Compromise (OIC) and the Installment Agreement. The OIC is a lump-sum payment less than the total amount you owe. This option is only available if you can?t pay your taxes in full and if the IRS believes that you cannot pay the total amount in the future. The Installment Agreement is a repayment plan that allows you to pay your taxes over time. This option is available if you can?t pay your taxes in full but can make regular monthly payments. To qualify for either of these settlement options, you?ll need to submit an application and provide supporting documentation.