Taxpayers With Debt Issues Can Make Use of IRS’ Offer In Compromise Program

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If you are facing trouble paying your tax debt, you can heave a sigh of relief as revenue service of the US federal government, Internal Revenue System (IRS) have come up with a program known as Offer in Compromise. You and the IRS can sit down, discuss, and agree on a tax debit that you are able to pay, which is less than the actual debt required to pay. IRS offer in compromise is beneficial for both the tax payer and the revenue service. You get relief from debt burden and IRS is able to acquire whatever it can from the owed tax debt amount.

While this program is advantageous for all parties involved, not all taxpayers can enjoy its benefits. IRS does not accept every offer in comprise from the taxpayers as it has its own criteria to judge who is suitable for this program and who is not. That is why it is important for those with tax debts to get legal assistance in this matter. 

Some of the advantages you can enjoy as a struggling taxpayer with this program:
  • You can prevent bankruptcy from taking place
  • Settlement of back tax indebtedness
  • Collections activity gets suspended
  • All your collateral or property released
  • Diminution of tax liability
IRS offer in compromise process is not as easy as it appears to be. There are terms and conditions that you may not able to grab at once. Seek assistance from a lawyer and then approach IRS with your request so that there is less chances of refusal.

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