If you have to pay back taxes, interest, penalties, or other fees by the IRS and want to offer a compromise, you should consider whether it is best to do it yourself or get the proper representation. Angelenos living in Los Angeles, or other metro city, after all, the wrong IRS offer in compromise may put you in worse shape and have you subject to even more penalties and fines. Call us to settle your tax debt at 877-788-2937 today.
What is an IRS Offer in Compromise?This is when the IRS settles the amount that you owe due to failure to pay taxes for a variety of reasons. In most cases, this is when you fail to cite an income source on your tax returns, do not fully pay what you owe, or have not filed taxes and owe back taxes. When this occurs and the IRS has stated how much is owed, you can offer a compromise payment that may or may not be accepted.
In most cases, there is an offer from the IRS first in which you can accept a payment plan or perhaps a reduced payment if it can be addressed all at once. However, you have the right to make a counter-proposal that the IRS may accept or reject. If it is accepted, then you follow the conditions of your IRS compromise. However, if it is rejected, the IRS may not be in the mood to negotiate further.
If you live in greater Los Angeles, California area, you can submit your offer to the revenue officer assigned to your case, or to the Holtsville office in New York.
Call us to settle your tax debt at 877-788-2937 today.
When Should You get Professional Representation?When you are considering a compromise with the IRS, there are certain conditions that need to be met before you seek out professional representation. For example, if you are unsure what amount the IRS would consider a reasonable compromise, then our experienced representation firm will let you know.
Amount: Your compromise should be based on the amount that is owed compared to your earnings and assets that are available. So, if the IRS believes that the single payment is something you can easily afford, any compromise you offer that is significantly lower may be rejected outright.
Payment Plan: If the IRS has included a payment plan, you should consider it carefully. While the plans they offer are based on a standard formula, if it is something you can fit easily into your budget, then you should consider taking it. Keep in mind that unlike loan companies that may penalize you for paying it back early, the IRS has no such rules in place. Call us to settle your tax debt at 877-788-2937 today.
When in doubt, you should get professional representation. This means that the amount you are paying is significant and you need to have more information coming from an expert source that is not the IRS. Having such representation means that the IRS compromise that you send will be based on real numbers, the knowledge, and experience that such a tax service firm brings to your side.
A proper compromise strikes the right balance between paying what you owe and fitting that amount into your budget, so that it does not create more financial issues. Having the right team by your side means that you are providing with expert advice so you can make the best-informed decision about how to shape your IRS compromise proposal.
Call us today at 877-788-2937 to settle your tax debt.
Or boutique tax representation service firm led by Mike Habib serves clients in greater Los Angeles, Santa Monica, Beverly Hills, Whittier, Pasadena, Lancaster, Long Beach, Santa Ana, Irvine, Newport Beach, Orange County, Inland Empire, San Bernardino, Riverside, Corona, we offer nationwide tax settlement service through offer in compromise