If you or someone you know owes the IRS money I’m sure you’ve heard the term “offer in compromise”. While this is not the only solution to solve your IRS problems, it certainly is the most common approach. An offer in compromise is basically an agreement between the tax payer and the IRS that settles the tax payers’ debt for less than the amount owed.

Debt owed to the Internal Revenue Service (IRS) is called IRS debt or tax debt. IRS debt may be a very stressful situation for a consumer to deal with. When tackling one’s IRS debt, the first step in doing so is deciding if one should do it alone or use a tax debt professional.