I'm only 23 but owe $30,000+ in taxes, I have a very successful sole proprietorship. I should've hired a CPA long ago. Is an Offer in Compromise likely to be worth the effort? Does age make any difference?
If you are young and sucessful you are not a good candidate for a compromise.
If you have a reasonable cause for you prior non-compliance you might qualify for an abatement of penalties. See: http://mckenzielaw.com/2009/07/15/reducing-irs-penalties/
Robert E. McKenzie
ARNSTEIN & LEHR LLP
120 South Riverside Plaza
Chicago, Illinois 60606-3910
Phone: 312.876.6927 | Fax: 312.876.7318