IRS offer in compromise.?

I have heard.

And usually what I have heard does not turn out to be the right kind of information for any thing BUT you really should try the Offer in Compromise system yourself for this purpose IF that is what you want to do at this time in your life.

Allows you to settle for less than you actually owe, if you meet strict requirements.

http://www.irs.gov/individuals/article/0,,id=24382...

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:

Ability to pay;

Income;

Expenses; and

Asset equity.

We generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time. Explore all other payment options before submitting an offer in compromise. The Offer in Compromise program is not for everyone. If you hire a tax professional to help you file an offer, be sure to check his or her qualifications.

Make sure you are eligible

Before we can consider your offer, you must be current with all filing and payment requirements. You are not eligible if you are in an open bankruptcy proceeding.

Submit your offer

Hope that you find the above enclosed information useful. 06/01/2012

Indirectly.

What the IRS accepts is based on your assets and your future earning power. In theory, a retired person has lower future earning power.

However, there is no set rule based on age. A 30 year who just became disabled an unable to work would have a much greater chance of getting an OIC accepted than a 70 year old with a substantial retirement account.

Never listen to "they" or "my neighbor said" and etc. The IRS just last week had a press release in their Guidewire that the framework for the Offer In Compromise setup had been made even more user friendly and workable. With the economy slipping in the disaster zone range the reality of the situation is that even more bad debts for taxes will be uncollectable so it will be the wisest course of action to get them written off the books.

there are a lot of new rules with the OIC, its called a New start and some of the rules and minimums have been relaxed

it still depends on each individual situation if it will be accepted or not and age has nothing to do with it, in fact, I don't recall any place in the offer that asks for age

your ability to earn the money to pay the debt is the main consideration, or get it from any source open to the applicant to pay it off

Probably, since they don't have their lives ahead of them to make more money and pay the debt.