It’s getting tougher to settle your IRS debt
For folks getting caught up on back taxes or an unexpected year, the final tax bill can be overwhelming. Enter stage right, the IRS’s Offer in Compromise program, which allows taxpayers to settle debt for less (albeit, after much paperwork). Now here’s the bad news: according to IRS records, accepted Offers in Compromise are down by 57%. OOOOOOF!
And to make matters worse, applications (for Offers in Compromise) are up 29%. Which means, dear reader, that the folks looking to settle their debt through this program chance for acceptance are low to none. Nina Olson, executive director of the Center for Taxpayer Rights, says: “I’ve never seen a number that low. That’s terrible.”
So if you find yourself in this pickle, NOW WHAT? The IRS is still offering the Installment Agreement program which will give you up to five years to pay off your tax debt. So that’s something?
Prepping for 1099 and 2026 taxes
Landing in your inbox soon is your 2026 tax engagement. If you need 1099’s prepared, this is also the time to tell us. We appreciate your response as it helps us to plan for our busy season.
Stay Spooky, friends!! 👻