 IRS Offer in Compromise
IRS tax settlement help may be just a phone call away, and with our help, you'll be on your way to reducing or eliminating your IRS tax debt. Our law firm has years of experience with debt settlement and the IRS. Contact us today to find out if you qualify for IRS tax settlement.
An IRS Offer in Compromise with the IRS allows taxpayers that cannot afford to full pay their back tax liability the opportunity to settle for less than what they owe. An Offer in Compromise can reduce IRS debt. As with all IRS tax settlements they are subject to certain terms and conditions.
The guidelines for accepting an Offer in Compromise are set by the IRS. The IRS analyzes a taxpayer's financial history, along with their current and future situation when deciding whether an Offer in Compromise will be accepted. It is important for the taxpayer to know what items the IRS is looking for when filing an Offer in Compromise. For an IRS Offer in Compromise, not everyone qualifies, as each person's tax history is different. Additionally, the average length of time is 8 to 12 months. An important first step to take is pre-qualifying for an Offer in Compromise before attempting an Offer in Compromise with the IRS.
 The IRS Offer in Compromise process involves completing the appropriate forms, having the necessary records on hand, being compliant with the IRS tax regulations, and filing the Offer in Compromise for review with the IRS. Once filed, the IRS begins their investigation of the taxpayer's reasonable collection potential based upon his or her current and future financial situation. They also evaluate the taxpayer's history of filing tax returns. Unfortunately, many taxpayers who file an IRS Offer in Compromise are rejected due to inaccurate filing and never make it to the final review. Accurately completing the many forms and filing requirements is a necessity for the IRS to review your Offer in Compromise and this is why it is crucial to hire an experienced tax professional for filing an IRS tax settlement.
After the IRS completes its review, it makes a determination either to reject or accept the Offer in Compromise. If the Offer in Compromise is rejected, another form of IRS back tax resolution may be needed, such as an Installment Agreement, Currently Not Collectible status, or Full Pay Service. If the Offer in Compromise is accepted the offer amount is paid and the back taxes are resolved. In addition, the taxpayer must file all future IRS tax returns and make all necessary payments on time and in full. An IRS Offer in Compromise it is an excellent way to resolve back taxes and to get a fresh start with the IRS.
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Tax debt settlement help can be obtained by requesting a free and confidential tax analysis or calling us at 202-643-5829. For more information, contact Taxes Solved by visiting our contact page. |
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