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An Offer In Compromise - The Feasible Solution To Your Tax Debt Problems

Author : Jessica Moorhill

In the event that you are weighed down with financial debt there's a strong possibility that this involves a tax debt. When it comes to tax debt you will hear different views regarding how you can get help with the IRS. One of the possible solutions to your problem is the offer in compromise program which had been established in 1991. This will involve a scenario in which the IRS accepts less money than what you have outstanding on your tax debt.

Normally, this is dependent on your financial inability to repay the amount you owe, even though it's also relevant in instances where a taxpayer doesn't think that he have outstanding debt. It's essential to show evidence through comprehensive financial records to the IRS so that they can ascertain if your case has value.

To be able to file for an offer in compromise, you have to fill out the relevant forms and submit this application with a fee of $150 in addition to a non-refundable payment comparable to 20% of what you owe. The length of time for this process will be based on your specific case and also the state laws.

Typically the positive facet of this will be the collection initiatives which are stopped during this time period. When the IRS accepts a compromise, you must pay the total amount accepted as quickly as possible and adhere to any other specifications to file any kind of forms which they request.

It doesn't matter what many people might believe, this will be a feasible solution to your tax debt problems. This has the opportunity of cutting your tax responsibility and along the way, collection attempts stop and your assets will not be subjected to a levy. Basically, this is one option that you have to consider when you realize that you are unable to pay your taxes. Similar to other things which has its technicalities; it is strongly recommended that you seek advice from a tax professional as this person can make the process much easier.

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Tags:   offer in compromise, wage garnishment

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Submitted : 2010-12-21    Word Count : 870    Times Viewed: 197