In an ideal world, the IRS income debt you have would be eligible for an IRS tax settlement. Unfortunately, though, an IRS tax settlement can be elusive and, in some cases, not possible to obtain. However, if you are struggling financially, you may be eligible to settle with the IRS for less than you presently owe for past due income taxes.
The main option available to you is the IRS Offer in Compromise program. Also, there are tax settlement companies that may offer to negotiate such an offer for you for a fee. Whether you’re dealing with the IRS directly or you’re considering professional assistance, there are a few critical details to keep in mind.
Technically, you can handle just about any tax issue yourself. We would not recommend it. The IRS will not be telling you that you did a great job of representing yourself. The IRS will not be "high five-ing you" or giving you a "way to go big guy." The IRS agents are professionals. You are not.
When you request an IRS settlement agreement, there are few things you’ll be asked to provide. You’ll need to complete a detailed income and expense analysis, which itemizes your revenue streams as well as your monthly bills. This is significant because by providing such information, you’re giving the IRS a precise idea of your financial resources and which expenses may or may not be considered essential.
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