The IRS or Internal Revenue Service is a government body that is in charge of declaring and collecting income taxes among people. From the taxes of people alone, the IRS has declared that a lot of people owe them some money. These people require all the help that they can get just so this problem will be resolved and the right amount of money is paid as soon as possible. Enrolled agents, CPAs, and tax lawyers are the people that you should report to in getting some help. These professionals can help you settle your case with the IRS through a collection appeal, offer in compromise, injured or innocent spouse defense, installment agreement, collection due process, and more.
Out of these many options, the most attractive for taxpayers is the offer in compromise. 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. For you to enjoy this offer in compromise option in lowering your tax liability, the IRS may require you to disclose all of your assets information. There is no sleep for the tax resolution software logics and machination of the IRS to work and keep constant track of your taxes. A representative from the IRS often comes knocking at your door if they reject the offer you have submitted. The moment they knock at your door, you have to be ready to deal with them.
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 can you do to fit into this 15-20% range? Aside from the brains of the tax expert, you have to make use of a reliable IRS recommended tax software. As a client, you will get to learn what really is the root cause of the problem at hand. This tool will help to get into the bottom of the issue on the part of the client as well as check for chances of approval of their request.
The use of the offer in compromise and its process are still being carried out manually on the part of a lot of tax experts. The manual use of pencils and calculators and of course the brain of the tax expert are a must. For proper processing of the required documents, you need all the effort and time that you can give in the process. If you do not want to go through this long and tiring process, the use of an expert IRS recommended tax software is a must. You can save both of your time and money through it. In addition to offering you automated features, you will be updated about the latest processes of the IRS.