– Do you wanna know what an
IRS offer in compromise is? (upbeat music) Before I answer, if you’re on YouTube, make sure you click Subscribe
to our channel below, or click on the bell icon. That way when we release new information, you will be the first to get notified. So what is an IRS offer in compromise? According to the IRS,
an offer in compromise allows you to settle your tax debt for less than the full
amount that is owed. The IRS considers your unique
set of facts and circumstances such as number one, your ability to pay. Number two, your income. Number three, your expenses. And number four, your asset equity. The IRS generally will
approve an offer in compromise if the amount offered is
what they expect to receive within a certain amount of time. Upon qualifying for an
offer in compromise, you may be able to make a lump sum payment or periodic payments. You may not be able to qualify
for an offer in compromise if you are in bankruptcy processing. Thank you for watching, if
you have liked this video, comment below with yes. If you haven’t comment below with no, and please leave a question that you would like to have answered on one of our next videos. (upbeat music)