A group of tax professionals who have deep and diversified tax experience, a passion for technology, and the desire for helping others. We created Bullseye Tax Relief as a platform for helping businesses and individuals with their tax problems.
It sounds great. Make an offer to the Internal Revenue Service (IRS) to erase your entire tax bill! It is not that simple. If you can afford to pay the tax debt, you will be required to do so. By not paying the tax bill, you can incur a larger tax bill: one that includes penalties and interest! Not to mention, the IRS can place a tax lien or levy on any or all of your properties or bank accounts to collect the entire tax bill. So, why would the IRS accept an offer that is less than the taxes owed? In a previous blog, we discussed that eligibility for an Offer in Compromise is determined by being able to pay the tax bill, with or without placing a financial hardship on the taxpayer. There is also the question of doubt of whether the taxpayer owes the tax bill. There might have been an error on the IRS part, or an error in reporting income, or …? Before you can apply for an Offer in Compromise, you must meet a certain set of IRS requirements. You must make sure that all your tax documents have been filed on time in addition to these requirements. Furthermore, you should not have any past due penalties remaining on any previous tax debt. Here are some additional requirements that must be met or your application for an Offer in Compromise will be denied:
Before the Process:
The Process Itself:
Advice: Although anyone can apply for an Offer in Compromise, the question is: should they? The application process is complicated, involving a lot of math and completing forms, not to mention corresponding with the IRS. This is best left to an expert. Call us today. We can advise you as to whether an Offer in Compromise is in your best interests. There may be a better option that fit your needs. Call us now. The post Eligibility for an Offer in Compromise appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/eligibility-for-an-offer-in-compromise/
0 Comments
Leave a Reply. |