Although the IRS is smart enough to know that you can 鈥 檛 always get everyone's money, and that is why the IRS offer in compromise is something for people who have to pay back taxes, but don 鈥 檛 have the ability to pay them. It may be that circumstances have changed since the time the taxes were originally due, or that you believe there is any doubt as to the validity of taxes, but to contact a tax attorney with experience is always a good idea.

What is an Offer in Compromise from the IRS?

This is a kind of agreement is striking between the taxpayer and the IRS in which it was decided that in order to cancel the debt, only a portion of the taxes are paid. The percentage paid is usually negotiated with the assistance of a tax attorney and often may be paid in installments, if that's what the deal was.

What are the advantages?

Using an IRS offer in compromise, you will be able to pay the IRS to ensure compliance, but also avoid paying the total amount of money you actually owe. There are a number of circumstances in which the IRS accepts this, but if you try to fix on your own can be difficult and time consuming, and you may be prone to err.

Hire a lawyer

The first thing to do if you are being threatened in any way or pushed by the IRS to collect is to get the assistance of an experienced tax attorney. They will be able to organize an Offer in Compromise on their behalf or to reach another agreement, which will take the pressure off.

............................... That said, the process of submitting an offer in compromise can be long and complicated and the qualifying criteria are very specific. Using an IRS offer in compromise, you will be able to pay the IRS to ensure compliance, but also avoid paying the total amount of money you actually owe.

Find more: http://professionaltaxresolution.com/

Related Articles IRS offer in compromise, offer in compromise,

Email this article to a friend!

Receive Articles like this directly to your email box one! Subscribe for free today!GF FERRE' Ballet flats