Tax,
Entertainment & Sports
Aug. 29, 2022
IRS may compromise tax debts, even if you’re a celebrity
Arguably among the most satisfying of all bills to discount is your tax bill. You might well acknowledge that you owe the taxes, you signed your return under penalties of perjury, and so on. But still, if your fortune isn't looking so bright when the IRS comes collecting, can you haggle a bit?
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
There is something satisfying about compromising amounts you owe. Perhaps it is human nature to like to pay less, even when you recognize that you legitimately owe 100%. Shaving a little off the top, and especially lopping off a significant portion, somehow feels vindicating. You don't want to have your invoices for legal services discounted, putting you on the receiving end of this phenomenon.
But it sure is nice to be able to compromise ...
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