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Eligibility and Application Process
To qualify for an IRS settlement, you must meet specific criteria. The IRS considers your income, expenses, asset equity, and ability to pay when evaluating your application. The process begins with submitting Form 656, Offer in Compromise, along with a non-refundable application fee and initial payment. It's crucial to ensure that all tax returns are filed and that you are up to date with any required estimated tax payments2.