Offer in compromise

Hi hope99,

Welcome to the Community.

IRS Form 656. It's 44 pages and explains the process in great detail.

If you have any specific questions, please feel free to ask.

Hope this helps.

chrys

I have the form and in looking it over it looks confusing so when I start I am sure I will have many questions. I am determined to do it myself as I can't afford a lawyer. I have been making payments to the IRS for 3 years, plus my income tax returns and stimullus check have been taken but I am getting nowhere because of all the interest and penalties so I really need to get started. I was hoping someone out there had done one on their own or who knows where I can get it done without paying a fortune.
Thank you for your quick response. This website is awesome!!!
Janet

Hi Hope, have you looked into having the penalties and interest abated instead? See if you can find a lawyer that will give you a free consultation to see which is your best bet. I currently have a 40k tax debt that we are making payments on and have been for a year. Doesn't seem like we have made any headway though becasue of the interest and penalties and we pay $1000 a month. I am going to meet with an accountant that use to work for the IRS and see if there is anything that can be done for us on the penalties and interest. If they remove those then I will have paid more than half of my debt.
Good luck!

No, I haven't looked into the taxes and penalties but it is something I can do. Let me know what the accountant says.
Thank you for your response.