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Offer in Compromise
In an ideal world, a person will pay their taxes in full, on time, and without breaking the bank. Of course, we don’t live in an ideal world. In reality, many people fall short of this mark, and in such cases there are a range of options available to those that have trouble meeting their tax obligations. Among them is what is called an Offer in Compromise. An Offer in Compromise is another term for settling with the IRS, where the taxpayer agrees to make a lump sum payout.