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Good afternoon. A taxpayer in your position unable to pay the full amount of taxes
due can deal with the IRS in one of two ways: i) if the taxpayer can pay it within 60 months, the IRS will work out an installment payment arrangement with the taxpayer; if the amount due is under $50,000, the taxpayer can do this on-line; or ii) if not, the taxpayer would want to file an application for an Offer in Compromise where the IRS will agree to forgive all or a portion of it that can't reasonably be paid within the 60 month period. There is a step by step process for filing the Offer in Compromise application, as well as the full details of the program, in the IRS Offer in Compromise booklet which you can find at the following website: www.irs.gov/pub/irs-pdf/f656b.pdf . You can take these steps on your own...in fact, engaging an attorney or an accountant to do this on your behalf actually sends the wrong message to the IRS...i.e., that you have money to pay them, but not your taxes.
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