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Offer in Compromise Option
If you are drowning in tax debt and you cant see the light at the end of the tunnel then an IRS offer in Compromise may be a viable option for you. Contact the tax experts at Nationwide Tax Group at (800) 632-1750 to discuss your tax settlement options.
How do you know if an Offer in Compromise is Right for You?
If you follow all the procedure according to the formalities in the application form and abide by it rules and regulations you can also read through the terms and conditions of the Offer in compromise application form as this will help you to determine if the Offer of compromise will work up to your expectations. All tax payers don't qualify for an IRS offer incompromise so it's best that you satisfy the conditions that make you qualify to file for an IRS offer incompromise.
People who opt for the IRS offer in compromise have to file their tax returns on time and also pay their taxes on time for the next five years. Plus once you file for your current year returns and provide a copy of your Federal return then the Offer of Compromise will be considered and an agreement will definitely be reached. So to apply for the IRs offer the Tax payer needs to use a form -656 depending on the basis of the compromise.
An offer of Compromise is definitely your way out so all tax problems as it helps you to relive the stress of back taxes for a fraction for the actual cost. Connecting to the pros is the way out as this way you will be sure that you are working with the right people and will not end up over paying the IRS offer.
So be careful when you are ready to opt for an offer of IRS tax settlement as the first step to take is to be current on the current year's taxes because you certainly can't go around not paying taxes that you owe. There are some personal costs that will help to reduce your payable tax like your medical bills so you need to take a careful appraisal of all the expenses tat will help you reduce your tax payments.
These are sure ways that will help you to access that the Offer of compromise is the best solution to all your tax problems.