An offer in compromise provides taxpayers with a real solution to get out from under a heavy tax burden. Using this legitimate option, you can pay off your entire tax liability, and finally be free of the burden of owing the IRS large amounts of money.
The IRS has a few qualifiers to check whether you are a viable candidate for this program. They consider your unique history, facts and circumstances including:
Does paying the full amount create a financial hardship?
Your ability to pay
Your income and expenses
Your asset equity
For many taxpayers, this can be a lifesaver, but the IRS expects you to exhaust all other options before proceeding with the offer in compromise. If they’re convinced that you’ve tried every other means and the offer represents the highest amount they can expect to collect, then they may accept your offer.
In order to qualify, you must be current on all income tax filings and payments. You cannot be in the midst of bankruptcy proceedings. There are step-by-step instructions on the IRS website, along with the proper forms to fill out and submit. In addition, there’s a list of supporting documents that will be necessary to complete. If filing for a business, there are different sets of documents. For each application there is a non-refundable $186 filing fee (amount is subject to change without notice). For each Form 656 you file, theres a non-refundable initial payment required.
Many taxpayers find this procedure so complex that they are not able to do it themselves. You may already be stressed out over the situation and unable to cope with additional work and stress associated with this type of process. It can be lengthy and requires special attention to details. For many, the answer is hiring a professional to handle the paperwork. Taxpayers often find that they get much better results if they work with experienced tax experts who understand the requirements.
At The Tax Resolvers, our goal is to assist you with top notch tax services that get you the results you need while lowering your stress levels. We will fully assess your situation to make sure you qualify and then help you complete all paperwork and get this submitted to the right IRS office with all supporting documents.
We have worked with individuals, corporations and small business owners and strive to negotiate with the IRS to get you the lowest possible pay-off amount. The experts at the Tax Resolvers have the skills and expertise to help you get the very best outcome for your case.
We believe you’ll feel much more confident about dealing with the IRS when you work with a tax pro from our agency. And in many cases, your chances of success are greatly improved when you work with a skilled agency that specializes in this type of negotiation. Please contact us to learn more.
Don’t try to fight the IRS alone, our tax professionals can help!