Many people feel their confidence decreasing once they face the complex and grueling process of dealing with taxes. This is perfectly reasonable. There is a reason professionals such as enrolled agents and certified public accountants and tax relief programs exist. These professionals understand and can stay on top of the
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PHASE 1: INVESTIGATION
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PHASE 2: RESOLUTION
Establish IRS compliance
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Offer in Compromise is a negotiation between the IRS and an individual who struggles to pay their tax liability in full or will experience financial hardship in doing so. This is also a legitimate method to settle tax delinquencies for a reduced amount. There are certain factors to consider such as income, ability to pay, and asset equity.
You must make the required tax returns and estimated payments plus an application to ensure eligibility. You will also be asked to complete Form 433-A for individuals or Form 433-B for businesses and Form 656 in addition to the required documents.
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