Navigating The Process Of Obtaining An Offer In Compromise From

Navigating The Process Of Obtaining An Offer In Compromise From The Irs

Obtaining an Offer in Compromise from the IRS is never a simple process. If it were, everybody who owed back taxes would be moving in this direction. Although you may be interested in this type of tax relief program, you have to know a thing or two about the process to ensure that you are truly making all the right decisions. Once you know how to navigate the process of obtaining an Offer in Compromise you can decide if this is best for you.

When applying for an Offer in Compromise you should do whatever it takes to avoid these five common setbacks:

1. Not failing a tax return when it is due. The IRS is not in the business of bailing out people who owe back taxes. In short, they want you to know that an Offer in Compromise is a onetime deal. From there, they expect you to file and pay your taxes on time.

2. Failing to pay taxes that are due during or after your Offer in Compromise submission. If you miss payments during the process the IRS is not able to take you seriously. In turn, they are not going to approve you for this type of tax relief program.

3. Hostility towards the IRS. Are you the type of person who has a difficult time controlling their temper? Are you worried that you will get into a screaming match with somebody at the IRS? This is a big mistake. You want to be as nice as possible when dealing with the IRS even if this is difficult to do.
Note: To do this with success, hire a tax attorney to communicate with the IRS on your behalf. By doing this, you never have to worry about communicating with the IRS on your own.

4. Lying about your financial situation. You are going to be asked for a lot of personal and financial information as you fill out the many forms related to an Offer in Compromise. Attempting to lie or stretch the truth will lead to your offer being thrown out. Along with this, you could find yourself in even bigger trouble than when you started.

5. Missing deadlines. During the process of applying for an Offer in Compromise you must meet all deadlines that are set for you. The same holds true if your offer is accepted. These deadlines are in place for a reason; make sure you follow them no matter what it takes.

Most people who owe money to the IRS are interested in this type of tax relief program. With the ability to settle debt for less than what you owe, this is truly a beneficial process for most people. Unfortunately, only 10 to 15 percent of submitted offers are accepted.

If you want to improve your chance of success, avoid the five mistakes above. Along with this, hire a tax professional with experience in this area. When you do both of these things, your chance of having your offer accepted is much greater.

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