Filing an offer in compromise is an excellent way to considerably reduce your delinquent taxes with the Internal Revenue Service or IRS. However, it is a difficult process as for any reason it may get rejected. Usually, the IRS takes around one year to process the request. One will have to remain updated in tax filing and payment even though the offer is under progression. Frequently, taxpayers create a serious blunder of paying past tax debts using the limited resources; instead they should pay current year’s taxes in order to have the application approved.
To eliminate back taxes an offer in compromise is an effective option. This option allows a taxpayer to negotiate with the IRS to reduce the total of the debt owed. In short, offers in compromise resolves IRS back taxes without having to pay the total back tax, penalties, and interests that is due. The IRS settles the debt for less than full payment. Since the entire process is quite complicated; therefore, it is beneficial to seek help from a professional tax resolution company like Tax Tiger. An experienced tax professional ensures that the taxpayer do not miss any chance for acceptance of the offer.
The company has the benefit of a national outlook about the Offer in Compromise process, because they have active cases all over the United States, which helps remove the exploitation of tax law and inhibit needless mistakes while negotiating Offer in Compromise settlements. The company has the potential to settle cases at the lowest amounts which the IRS allows for each eligible taxpayer. To find out if the individual is eligible for the Offer in Compromise settlement, it is important to complete IRS Form 433 or 433-A. In these forms everything related to the financial information should be disclosed.
This includes the details such as:
- Account numbers of all bank accounts.
In addition three months statements on each account should be provided.
This Offer in Compromise agreement is intended to be in the best interest of the government and the taxpayer. It is only with the assistance of Tax Tiger, one can successfully negotiate a fair-minded and practical agreement allowing the taxpayer to pay back the debt and make progress financially. A tax relief attorney makes sure that all necessary paperwork required for an Offer in Compromise is filed. This prevents the IRS from rejecting the request based on filing or paperwork violations.
Tax Tiger offers the Offer in Compromise services to the small and medium scale businesses, employees from foreign countries working in the this country, foreign investors, corporations, individuals, independent and freelance worker, companies, Foreign corporations investing in this country, and the employees from this country who are working in a foreign country. The company provides services to the entire United States from office locations in the San Francisco Bay Area, Denver, Austin, Texas, Colorado, Minneapolis / St. Paul, San Diego (Carlsbad), Minnesota, and Sacramento, California.
Thus, it can be said that a professional tax attorney can help in resolving the IRS tax debt with an Offer in Compromise effectively.