IRS Offer in Compromise

Obtaining help on one’s taxes can be quite beneficial when it results in catching errors that would have been missed otherwise. Professional Tax Resolution is here to provide you with the accurate information that you will need in order to make the informed decision on whether to settle paying at a lower amount for your taxes that year or not. It can be quite beneficial, but it’s important that customers understand the process before becoming involved with such a procedure.

An IRS offer in compromise provides access to taxpayers to settle one’s tax debt for a reduced amount rather than the full sum. This option is generally offered when one is incapable of paying one’s own full tax liability or else they would fall into financial hardship. Certain factors, such as personal expenses and asset equity are taken into account when determining whether a person meets the requirements for an IRSO offer to compromise. Such an option is only available when all other payment options have been exhausted first.

That’s where the services of Professional Tax Resolution come in. Your option to file for an IRS offer in compromise can be quite a complicated process, and filing properly can expedite the process and make it easier for the IRS to make a decision in accepting your application. The process itself takes a long time to file, and the criteria that need to be met are quite specific, so having a professional tax consultant on your side can determine if you are eligible before you start the application process. The professionals at Professional Tax Resolution can also provide assistance with determining whether your new payments can be made in one large lump or monthly payments over a period of time. This can be entirely dependent on what you’re able to pay at any one time, and still manage to support you in the future.

Filing for an IRS offer in compromise can provide a taxpayer with the fresh start that he needs to start over with a new assessment of his assets in order to determine what his new rate of taxes should be each year. By taking care of all of the outstanding tax balances at once and eliminating them altogether, a taxpayer will have the benefits of not becoming overburdened with owed taxes compounding upon each other every year.

If you feel that you could be eligible for IRS offer in compromise, consider contacting Professional Tax Resolution to help you determine if you meet the necessary criteria. It can definitely make the differences between having a reduced tax sum to pay, or wasting time filing incorrectly and being stuck with struggling to make payments each year.