Submitted by [deleted] t3_10q2dw1 in personalfinance
buried_lede t1_j6nu2sl wrote
Reply to comment by bockbockchickenhead in Optima says my dad owes $40k in back taxes?! by [deleted]
Sometimes the IRS will completely discount the amount owed based on an analysis that shows he will be unlikely to earn more than he earns now during his lifetime. It’s called an offer in compromise and it permanently settles a tax bill for good, for less than what is owed.
Please tell your dad not to stress too much because though this is a drag, In the scheme of things, a tax situation like this is manageable. It’s going to be OK.
And once you get the bulk of this done, you can save money by using the taxpayer advocate’s office for any future probs.
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