Does this sound like you? Do you have an IRS tax problem that you are looking to resolve? Are you having problems coming up with the funds to pay off back taxes? If you answered yes to these questions, then an Offer in Compromise program just might be right for you.
Settle Down! This program is another form or tax relief that is offered by the IRS. It allows you to settle your back tax debt that you owe to the IRS for a reduced amount. This reduction is determined based upon individual financial circumstances.
The Proof is in your Hands…Obtaining approval for the Offer in Compromise program is quite an effort. The IRS requires that the individual who is in debt prove that there is no way possible to pay back the entire amount owed within a five year period. The IRS makes the process grueling, mostly because it has the ability. Nothing makes an IRS Hitman happier than putting someone through a tedious process.
The Process: There is a rather long application that must be filled out completely and in proper format. Full disclosure of financial information is also required. The process of applying for the offer in compromise is a lengthy one, sometimes taking up to two years before approval is either given or denied. If the paperwork is not completed properly with all of the information required, all that time is wasted and you will still owe the full amount of back taxes plus penalties and interest.
Don’t Waste Your Time! Avoid wasting time and effort in this process. If you can’t qualify, you certainly don’t want to put energy into a lost cause. But if you do qualify, you should definitely see about the specifics of the program Consult with a tax professional who understands the process.
Avoid being turned down…By allowing a tax professional to help, you can save yourself a lot of time and aggravation and possibly money in the long run. The professionals will be able to determine if you are actually eligible for the Offer in Compromise programs offered by the IRS.
Keep in mind that most requests for paying off less than you owe are generally turned down by the IRS. A tax professional can increase your chances of being accepted for the program. Even if you don’t qualify, a good tax professional will be able to give you other options to pay off your tax debt and get your financial life back on track.
Now you have the smoking gun…Use it!