Opting for Professionals for the IRS Tax Relief
The IRS Tax relief services offered by qualified and experienced professionals ensure all your tension is wiped away by their apt solutions. You need to be aware that the pursuit by the IRS for collection of the tax debt outstanding is definitely relentless. Most people opt for the OIC program (Offer in Compromise) , not realizing that this program does not work for all. There are different options available for the IRS Tax relief.
Different Options for IRS Tax Relief:
1. Amend/File Tax Returns of the past:
You need to find a tax return which is amended or probably filea specific return after the deadline. There is a possibility of being able to reduce the liability by the tax payer. This is done by amending the tax return in case of the liabilities being overstated in the original tax return. In case of the taxpayer being unable to file a return, a substitute might be filed by the IRS. This can offer minimum deductions with specific exemptions to the tax payer. This option ensures a decrease in the tax liability and also reduces the chances of a penalty along with the interest.
2. Installment Agreement of the IRS:
This IRS installment agreement is one of the best options for the IRS tax relief. The tax payer opting for this IRS installment agreement is regarded as a compliant by the IRS due to which the amount is lowered and the frequency of the letters and phone calls by the IRS is also lowered. This option ensures flexibility, prevents further action by the IRS for collection of the debt and this option is available at all times. Besides the definite pros offered by this option you need to keep in mind that the interest will accumulate over a period of time and a tax payer will take a longer time for paying off the debt.
3. Offer in Compromise:
This tends to be one of the best options available for the IRS Tax relief but is not suitable to all tax payers. This OIC option can only try to balance the debt owed by the taxpayer to the IRS with assets, equity, income and expenses. A tax payer who has a lower ability to pay but has a higher liability can be a good candidate for this option. It is important that the candidate does not have any returns considered as ‘felonious’. He/she needs to prepare the estimated tax deposits and payments and cannot be bankrupt.
This option can lower the debt payment through the agreed settlement and suspend actions for collection. There is a possibility of being able to retain specific assets.
Some benefits of working with the professionals of the IRS Tax relief are that you are not alone in facing the IRS. You can also get the overall balance that you owed, reduced to an affordable sum. Finally, you can avoid losing out on any assets or even the home to the IRS.