Often there are circumstances that arise when a taxpayer has accumulated a substantial tax liability that clearly exceeds any ability to pay in a lump sum. In this situation, the taxpayer should consider hiring an Offer in Compromise attorney to handle the negotiations with the IRS.
As the criteria for installment payment plans center on the ability to pay, so does an offer in compromise. The IRS will consider normal household expenditures in the application, but getting qualified is not always easy. If you need offer in compromise help you should consult a CPA or a tax attorney.
Most offers in compromise are denied as the IRS recently stated that over 83% of the offers are rejected. The two main reasons that rejection occurs is because the documentation is inaccurate or incomplete or the taxpayer earns in excess of the required allowance. Your offer in compromise attorney will make sure that your filing is accurate and complete.
Upon submission of the OIC, the IRS must verify that the offer can be processed. The offer goes through a screening process to determine if the taxpayer or taxable entity has: (1) paid the required application fee; (2) ensured that all delinquent tax returns have been filed; (3) not instigated a bankruptcy court proceeding; and (4) not been issued an audit notification.
During the verification process, the IRS reviews the financial information provided by the individual. All documentation is analyzed and property ownership, income, expenses and other items are verified. If the IRS requires more documentation they will mail an Offer Verification Letter to the individual. This letter should be reviewed in detail by the taxpayer's offer in compromise attorney.
But hope is not lost if you are rejected. Just make that when you solicit offer in compromise help that you get what you are paying for.
Hiring an offer in compromise attorney can help you improve the chance that your offer will get accepted. At a minimum they can review your situation and provide you valuable information that will allow you to make an informed decision. - 29970
As the criteria for installment payment plans center on the ability to pay, so does an offer in compromise. The IRS will consider normal household expenditures in the application, but getting qualified is not always easy. If you need offer in compromise help you should consult a CPA or a tax attorney.
Most offers in compromise are denied as the IRS recently stated that over 83% of the offers are rejected. The two main reasons that rejection occurs is because the documentation is inaccurate or incomplete or the taxpayer earns in excess of the required allowance. Your offer in compromise attorney will make sure that your filing is accurate and complete.
Upon submission of the OIC, the IRS must verify that the offer can be processed. The offer goes through a screening process to determine if the taxpayer or taxable entity has: (1) paid the required application fee; (2) ensured that all delinquent tax returns have been filed; (3) not instigated a bankruptcy court proceeding; and (4) not been issued an audit notification.
During the verification process, the IRS reviews the financial information provided by the individual. All documentation is analyzed and property ownership, income, expenses and other items are verified. If the IRS requires more documentation they will mail an Offer Verification Letter to the individual. This letter should be reviewed in detail by the taxpayer's offer in compromise attorney.
But hope is not lost if you are rejected. Just make that when you solicit offer in compromise help that you get what you are paying for.
Hiring an offer in compromise attorney can help you improve the chance that your offer will get accepted. At a minimum they can review your situation and provide you valuable information that will allow you to make an informed decision. - 29970
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