Nothing beats working with a professional when dealing with the IRS. Tax professionals with experience in tax debt resolution remain your best bet for getting an informed decision on calculating your reasonable collection potential and creating an offer that the IRS is likely to accept the first time around.
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7. Work with a Tax Professional
There are various tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have professional credentials. You expect your preparer to be skilled in tax preparation and accurately file your income tax return. You trust them with your most personal information. They know about your marriage, your income, your children, and your social security numbers – the details of your financial life.
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A tax professional can also walk you through all the other requirements you must watch out for when setting up an offer. Basic but important ones include being up to date on all tax returns and estimated payments.
Making An Offer To The IRS
If you owe a significant amount in back taxes and can’t pay back the total amount, making the Internal Revenue Service (IRS) an Offer in Compromise might be your best path forward. With an Offer in Compromise, you can settle your tax debt for less than you currently owe (sometimes much less).
When you are ready to make an offer to the IRS, note that you must send the first payment in your plan with the offer. If the IRS rejects your offer, they may either keep the payment and count it against your debt or send it back to you, depending on the rejection.
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Conclusion:
If you owe back taxes, there are options available to help you get your taxes forgiven. For example, file your return, request a hardship extension, or enter into an installment agreement with the IRS. By taking advantage of these programs, you can get the relief you need and avoid penalties and interest.
Don’t wait any longer! Get started today!
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