If you’ve thought about the various ways to deal with your Internal Revenue Service (IRS) issues, and just can’t decide on which path is best for you, you’re certainly not alone. Many people have difficulty paying their taxes and settling any outstanding issues arising from non-payment. It’s a fact of life. You can begin the journey back to less-stressful times by working with experts who will assist with solutions such as offers in compromise in Fort Worth and other areas of Texas.
Don’t be misled by advertising you’ve seen that tells you this settlement method involves only filling in a few blanks on a standard form and sending it through the mail to your nearest IRS office. Stop for a minute to think about the real issues you face, to make sure you are taking the right step for your situation. An experienced tax professional can help you make the correct decision.
The Concept of Reasonable Collection Potential
You can get IRS offer in compromise help in places such as Fort Worth, though you should keep in mind that accurate and timely preparation is necessary. The tax agency only approves about 30% of the requests that are submitted, after determining that there is “reasonable collection potential.” The IRS uses a specific formula to determine whether or not this potential exists, using such factors as your assets, budget, and potential income.
This is the main reason you should seek expert assistance when it’s time to settle with the IRS. A tax specialist will make sure your offer in compromise truly settles the debt before the statute of limitations expires. Before filing your offer, you’d be wise to work closely with someone who has experience with the IRS process of calculating budgets, determining your income, and your assets.
Value of a Second Opinion
A second opinion will be crucial to the success of your application. Consulting with experts who provide Offer in Compromise Services is advisable as IRS officials don’t necessarily always make the correct decisions. You need a second opinion from someone who is on your side and has insight into the chances of your application being accepted. Don’t simply rely on the calculator provided by the IRS Offer in Compromise online platform. Your final number could be understated or overstated when using only this calculator.
Remember, you must prove (with help) that the amount you’re offering is reasonable collection potential the IRS should base its acceptance decision on. The offer will be closely inspected and can be challenged. There is no “standard” percentage or amount, even though some offers of tax resolution state there is.
Get Expert Offer in Compromise Help
If you are unable to meet your IRS tax debt obligations, speak with an IRS tax attorney to chart the best way forward. A team of experienced IRS tax lawyers, with years of experience in assisting individuals and businesses, can help you navigate IRS tax debt problems. An offer in compromise to settle taxes may seem simple on the surface but is often quite complex. Search the web for options and delve into their backgrounds before choosing the best expert to help with offers in compromise whether in Fort Worth or other areas of Texas.