If a Taxpayer Has Insufficient Financial Means to Pay a Deficiency

question 37

True/False

If a taxpayer has insufficient financial means to pay a deficiency, the IRS may accept the taxpayer's offer in compromise to settle the deficiency for a lesser amount.

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Definitions:

Competitive Differentiation

The unique value proposition or distinct characteristics a product or service has that sets it apart from its competitors in the eyes of customers.

Business Success

The achievement of financial and operational goals within a business, often measured by profitability, market share, or expansion.

Factors of Production

The resources, including land, labor, capital, and entrepreneurship, utilized in the production of goods and services.

Entrepreneurs

Individuals who start and manage their own business, taking on financial risks in the hope of profit.