What Is an Offer in Compromise?

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An offer in compromise will often come into effect when a person owes the IRS a great deal of money, and this will allow the IRS to get their money. Discover how to stretch out a payment plan, or get a lower interest rate on taxes owed with help from a portfolio manager in this free video on money management and personal finances.

Part of the Video Series: Investing & Money Management
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Video Transcript

Do you owe the IRS big bucks? Hi, this is Roger Groh at Groh Asset Management. If you do, it might be worth a discussion with the IRS about potentially their, either reducing the total amount of tax owed or reducing the interest rate on that money or setting about a payment plan and stretching it out over a period of time where you can actually make the payments. Will they do that? Yes, they will. Are the aggressively looking to do that? Yes, they are because they want to get their money. So in the end, to try and work it out with the IRS, there's not a lot of downside in that; they might say no, but it is certainly worth a discussion with them. Hope that helps. I'm Roger Groh with Groh Asset; thank you very much for spending time with me.

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