Tax relief and compromise is a process in which you agree to pay less than the total amount owed by the IRS. Once the terms of the agreement are met, the IRS cannot collect the unpaid balance. The best way to avoid a denial is to hire a tax relief expert who has experience with offering in compromise. Here are some tips to help you with the process, said a tax attorney serving in New Jersey. Once you know how to approach the IRS, it will be easier to choose the best option.
The first thing to do when choosing a tax relief company is to read their contracts. Some companies claim to be able to help you get a lower tax obligation for a one-time fee. Others may promise that they can do this. Before you choose a company, make sure that it is reputable and has a strong presence in your area. If a tax relief company promises to eliminate interest and penalties, be sure to read the fine print and request a biography of their tax expert. Don’t sign anything that doesn’t specify those terms.
A tax relief company should be able to negotiate with the IRS on your behalf. The IRS can be very difficult to negotiate with and might tell you that they won’t work with you, but this isn’t true. It is better to contact the tax authorities directly to find out what options are available for you. Many taxpayers don’t realize that the IRS is willing to negotiate with them. It is important to understand the steps involved before making a final decision.
The process of applying for an Offer in Compromise can be lengthy. The average time to complete an application for this program is six months. The rejection process may take up to 24 months. In addition, if you don’t file your required tax returns or make any necessary tax payments, the process could be delayed for many months. If you’re unsure about the exact amount of money you owe, the IRS can provide you with a free consultation to help you determine how much you owe.
The most important part of applying for an Offer in Compromise is being truthful and thorough. The IRS will not accept an offer in a compromise that is lower than the RCP. You should know that an Offer in Compromise is the best option for your situation. The IRS will accept an Offer in Compromise if it is in your best interests. If you meet the requirements, the IRS will work with you to reach a debt relief plan.
Once you know if you qualify for an Offer in Compromise, you should evaluate your prospects carefully. Trying to make an offer in Compromise when you don’t meet the qualifications for it can be a waste of time and money. As long as the IRS is willing to accept your proposal, the process will be successful. There are some important things to remember when filing an Offer in compromise. It is best to know that your circumstances will determine whether or not you qualify for an Offer in compromise.