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Tax Debt Relief – Offer in Compromise

by

Khmer Lee P. Lugod

Settling old taxes with the IRS is quite common these days. One of the best options is the Offer in Compromise but the process involving this option is really stringent. This tax debt relief agreement is usually the last resort because if the agency believes that you are capable of paying for the old taxes your application will be denied.

There are grounds that the IRS considers before such agreement can be accepted. If there are doubts surrounding the tax liability, the agreement can be approved. Aside from that, you can also qualify if there is doubt with regards to collectability. You must show the IRS that if you will be forced to pay the total amount of the tax liability, you will surely suffer from economic hardship.

Application will entail some fees and documents. You will be required to pay a fee of $150. You should also fill out the Form 656 and the Form 656-PPV. Once you submit these forms, you also need to pay for the initial payment.

If the IRS grants your application, all the future payments should be paid on time, and you also need to bring your voucher for the Offer in Compromise. Since the procedure can get really complex, a lot of taxpayers are discouraged to apply or even secure the forms. The forms can be obtained from the IRS website or from the tax software.

The Offer in Compromise is not a new debt relief option offered by the IRS. You must examine the grounds that serve as a basis for an application to be approved or disapproved. To ensure that youre doing the right thing, you need to consult a lawyer. You can use the internet to locate a reputable and experienced lawyer in your area.

Since lawyers specialized in different fields, you will need to look for a qualified and experienced lawyer who can help you with the application for tax debt relief. Once you think that youre a qualified candidate, find a lawyer and discuss it thoroughly. By doing so, you can get expert advice and the lawyer can also take care of the legalities. This is the best way to get positive results.

***Update***

I have done a bit of research for you.

Tax Settlement Experts

can help you get the relief you deserve. Find out if you qualify for a tax debt settlement today.

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Tax Debt Relief – Offer in Compromise}