Sometimes mistakenly called, “Offer And Compromise”, nearly every delinquent taxpayer wants this coveted IRS settlement plan known as an Offer in Compromise. A taxpayer needs to be qualified and eligible for an IRS settlement (Offer in Compromise).
An IRS settlement (Offer in Compromise) allows the struggling taxpayer to negotiate their income tax debt for much less than their total income tax debt. There will be a wide variance in IRS settlement outcomes, which is due to many differences with each taxpayer’s unique situations.
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The IRS settlement (Offer in Compromise) qualifying process is designed for experts. Many regular everyday taxpayers will find the Offer in Compromise daunting and difficult to navigate..You may send every item asked by the IRS, and yet your IRS settlement (Offer in Compromise) may be rejected. The IRS will not tell why you were rejected. Many taxpayers who miss small details.
Professional, experienced guidance is important when applying for Offer In Compromise. An IRS Tax Attorney will know what the IRS is looking for. we have higher success rates when compared to individual taxpayers. An IRS Tax Attorney will be aware of details, such as the amounts the IRS will allow for various living expenses.
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While most taxpayers may not qualify for an Offer in Compromise (IRS Settlement), it may benefit you to apply anyway. Changes in a taxpayer’s foreseeable financial future, is a common way for unqualified taxpayers, becoming good candidates for an IRS settlement. For example, losing your job or planning your retirement, could dramatically alter your financial picture. Any change in future income is relevant, when applying for an Offer in Compromise.
As with all IRS settlement programs, the IRS demands all federal tax returns be filed, prior to any IRS settlement negotiation. You should begin with reviewing all of your current and past tax filings. Without knowing your income tax liability, its is unwise to proceed with an Offer in Compromise. Taxpayers who rely upon IRS notices for tax debt amounts, usually end up paying much more in taxes, than those who check their own returns for accuracy. People make mistakes, including the IRS, so you must always check for errors and omissions on filed tax returns.