The IRS does not accept offers in compromise to everyone. However for those that meet the qualifications, this tax settlement program can be life changing. Here is the story of one Professional Tax Resolution Client’s journey to tax relief.
Settlement
Case In Point-Hiring A Qualified Professional To Handle Your Tax Settlement = A Good Investment
Hiring a qualified tax professional can seem like a bit of an investment. However by representing yourself before the IRS or State Tax Board small mistakes or assumptions can cost you even more time and money. This case study is a real world example.
Consider Carrying Back a Net Operating Loss as a Tax Settlement Tool
In this economy many taxpayers have allowable deductions that exceed gross income. The Net Operating Loss Carry Back provision can be used to offset taxes paid in or even owed for prior years. Read more below about this excellent tax settlement option.
FAQ about An Offer In Compromise
The Offer in Compromise tax settlement option is heavily advertised and many prospective clients come to us with questions about how they work. This step by step FAQ is a great guide to understanding what is involved in filing an offer with the IRS.
FAQ about the IRS Notice of Deficiency
If you received an IRS Notice of Deficiency, the following article outlines some frequently asked questions about what a ‘Notice of Deficiency’ is, what the letter states about your situation, and both how and when you should respond.
IRS Warning About Companies That Promise To Reduce Tax Debt – For a Large Fee
The IRS warns consumers that they are “increasingly concerned about unscrupulous promoters charging excessive fees to taxpayers who have no chance of meeting the OIC program’s requirements.” They urge taxpayers not to be fooled by high priced promises.
