The IRS Audit Blog

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Question: Can you make a deal with the IRS after penalties and back taxes have been assesed to you?

I just recently got audited and turns out I owe taxes along with penalties totaling $13,900. Can I use a Offer to Compromise in my case? I know IRS lets you make payments but can I bargain down the interest rate or do something about my penalties?

Answer: You can probably come to a settlement with the IRS regarding tax and penalties. However, there is nothing you can do about the interest. As far as they are concerned, you owe them money and interest on that amount will keep accruing until the debt is paid.

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