Save “Payment plan or Offer in Compromise?” to MyCheck
From USTAXX
IRS Payment Plan vs Offer in Compromise: Which One Fits?6 steps · Checklist
Payment plan or Offer in Compromise?
Which one your finances actually support.
Confirm every required return is filed before applying for either.
Work out honestly whether you can pay the balance in full over time.
Take the instalment route if income is steady and the debt is payable.
Consider an Offer only where collection potential genuinely falls short.
Gather pay records, bank statements and living costs before deciding.
Remember penalties and interest keep running while you decide.
Free, and yours to edit — tick items off on the web or in the MyCheck app.