John Bullis
For the Nevada Appeal

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October 16, 2012
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John Bullis: IRS can sometimes reduce taxes owed

If taxes (interest and penalties) are owed to Internal Revenue Services, in certain instances, the IRS will reduce the amount owed.

An IRS official recently said, IRS is accepting more "offers in compromise."

An "offer in compromise" is a request to reduce the amount owed when "reasonable cause" is present and the required forms and information are sent to IRS.

You may have seen some TV advertisements that promise big reductions in almost every case. That's not really happening that often.

Some situations, however, do allow IRS to agree to accept less than previous IRS Notices claimed.

In 2010, IRS …

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The Nevada Appeal Updated Oct 16, 2012 05:18AM Published Oct 16, 2012 05:18AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.