The IRS or Internal Revenue Service is a government body that is in charge of declaring and collecting income taxes among people. According to recent reports, a lot of people owe huge sums of money to the IRS because of their taxes. Getting professional legal help is a must if you are one of these people who owe some money to the IRS and you need to pay them right. Enrolled agents, CPAs, and tax lawyers are the people that you should report to in getting some help. Your most common legal options include collection due process, collection appeal, installment agreement, injured or innocent spouse defense, and offer in compromise.
From these many choices, the offer in compromise stands as the most attractive choice. The use of this legal option enables the client to keep a clean tax record and for them to pay their debts in discount. With these pros, you can expect to also get some cons. To lower your tax liabilities effectively, the IRS requires you to provide full details of your assets to them. When it comes to the IRS, their tax resolution software logics do not sleep in keeping tabs of your taxes. If the offer that you have submitted to the IRS is rejected, expect to see them knocking at your door. Be ready to face them as they come knocking at your door.
When it comes to making an offer in compromise submission to the IRS, the IRS only gives you an approval rate of between 15% and 20%. What is the best way for you to be a part of this 15-20% approval rate? Aside from the brains of the tax expert, you have to make use of a reliable IRS recommended tax software. You get a better idea about the problem that you are dealing with the IRS with the use of the analysis feature of this software. It assists in getting into the details of the current situation that the client is in and how to go about increasing chances of approval from the IRS.
Until this day, there are still a good number of tax experts that manually prepare their offer in compromise solution. This means that brains, pencils, and calculators are what they must use. If you must file for this request to the IRS, you have to make use of a lot of your time and effort in dealing with necessary documents. Doing all of these things should be far from your concern with the help of a reliable IRS recommended tax software. You can save both of your time and money through it. Aside from automating the process to make things easier and faster for you, you will also be provided up-to-date information regarding the updates made by the IRS.