IRS Tax Debt Settlement Help
The IRS can reduce the amount of your tax debt through a settlement program known as the offer in compromise, a prospect which is, as you may imagine, not easily accomplished. Basically, you are asking the IRS to reduce your tax debt to an amount you will be able to pay. An offer in compromise consists of the submission of extensive financial information, documentation and negotiation necessary to substantiate a reduced tax settlement. The calculations listed on the paperwork you submit have a significant impact on whether the IRS will reduce your tax debt, and if so, how much they will reduce it. All of this information must be correctly calculated and backed up by the appropriate documentation. Any flaw in your information or format can cause the IRS to refuse to reduce your debt.
For this reason, it is recommended that you hire tax professionals to help you. Qualified tax professionals such as our Tax Tiger team know exactly what information to provide to the IRS and how to provide it. Our tax professionals have the experience to ensure that every aspect of your offer in compromise scrupulously follows IRS procedure.
Once all of your information and documentation have been accepted by the IRS, negotiation begins. Saying the wrong thing to the IRS during negotiations can cause the IRS to refuse to reduce your debt. Tax Tiger attorneys have nearly 50 combined years of negotiating with the IRS. Allowing them to negotiate for you dramatically increases the chance that the IRS will reduce your debt. You can discuss settlement to reduce your IRS debt during a free confidential consultation with our Tax Tiger specialists.
One way to reduce your potential tax debt is to file your taxes on time. Even if you can't send payment for what you owe with your return, it is better to file. Failure to file creates additional penalties which cause your debt to climb ever higher. If you find that you face tax debt you cannot pay, you still may be able to reduce the amount you owe.
Find Experienced Help to Resolve Tax Debt:
Because these calculations are so vital, they are best handled by a professional. The IRS will only reduce your tax debt if the offer in compromise negotiations is successful. Negotiating with the IRS is frustrating and often ineffective for all but the most experienced tax professionals. We have successfully reduced and resolved the tax IRS tax debts of thousands of clients, contact us for a free consultation so we can evaluate your individual tax debt situation.