If you have a have not paid your IRS taxes due to financial difficulty, you may be eligible for an IRS Installment Agreement or an Offer in Compromise. You must be able to provide supporting documentation to confirm your financial status.
- With an IRS Installment Agreement you must agree to pay your tax liability in full including penalties and interest that have accrued. If you default on the agreement, the IRS will enforce collection action again.
- An Offer in Compromise will enable you to entirely settle your tax debt for less than your existing tax liability. The IRS may agree to waive penalties, reduce interest, or forgive a partial amount of the taxes owed.
Businesses and individuals alike may qualify for IRS Installment Agreements. The IRS requires those wishing to qualify for this program to submit a Collection Information Statement which asks for detailed personal and financial information on the taxpayer. The Collection Information Statement is subjected to verification for accuracy by the IRS. Additional documentation and third party record checks are usually required before the IRS makes a decision to accept or reject the request for a tax relief payment plan.
An Offer in Compromise also requires detailed documentation. A comprehensive analysis of your financial situation is necessary to accurately assess your eligibility. The process to obtain approval of an Offer in Compromise from the IRS is long and complicated. It requires extensive knowledge of IRS guidelines and procedures.
Many taxpayers have inadvertently hurt their chances for tax debt relief by attempting to work with the IRS alone. If you want to qualify for an IRS Installment Agreement or an Offer in Compromise, get the assistance of tax relief experts in Michigan.
Certified tax relief professionals in Michigan know the intricacies of the process of obtaining IRS approval for IRS Installment Agreements and Offer in Compromise. They can help prove to the IRS with proper documentation that you are not capable of paying your liability in full. Your tax expert can represent you in negotiating with the IRS to qualify for a successful tax debt relief program. Thoroughly familiar with the process of tax debt settlement, these experienced tax specialists can help you resolve your tax debt problems.
Last Updated November 30, 2016
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