Spending Assets to Avoid Paying More to the IRS Before an Offer in Compromise May Be Risky – Part 1 of 2
Typically for an offer in compromise based on inability to pay the income tax owed, the IRS requires the taxpayer to pay over the equity of the taxpayer’s assets, including cash bank accounts and investment accounts, in order to settle the tax debt. There are exceptions to this general rule and taxpayers are urged to…
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