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Offer In Compromise

Offer In Compromise Form from IRS

If you are looking into filling out an offer in compromise form, chances are good that you are aware of what an offer in compromise is and what it means. For those who don't know, however, an offer in compromise is an agreement between and individual tax payer or a business and the IRS to reduce the amount of back taxes owed. If the IRS sees that it is necessary, they might settle a tax debt for less than is owed them, based upon the amount of tax owed and a person's ability to repay that full amount. There are strict procedures followed with regard to an offer in compromise because in almost all cases, the IRS would prefer to have the full amount of taxes owed paid to them, rather than settle a case.

Getting familiar with the form
If you do believe that you qualify for an offer in compromise, the first step is to fill out the necessary paperwork-an offer in compromise form-and gather all of the related financial paperwork that provides evidence of your earnings and your inability to repay the entire debt as it stands.

In most tax-related issues, there is paperwork involved, and a lot of it. Often, IRS forms are difficult to figure out without the guidance of a professional. This is why it is often beneficial to consult an IRS tax problem agency for assistance before you go through the long and sometimes frustrating process of filling out the offer in compromise form. If you speak with an expert at IRS Problem & Tax Lien Help Group before you start completing the necessary offer in compromise forms, you may save yourself some work because filling out the wrong forms or filling out the right forms incorrectly is a mistake that occurs to many people who aren't versed in the sometimes obtuse language used by the IRS.

Information you will need
Before you will even be considered eligible for an offer in compromise, you must state that you or your business: are not involved in a current bankruptcy proceeding; do not have any tax returns waiting to be filed; and that you have not failed to make regular tax deposits within the last two quarters (if you are business with employees).

Once you have passed that hurdle, you will need to get your hands on an offer in compromise form, called a Form 656. This form is the official compromise agreement which requires your signature and contact information to be correctly and fully filled out, regardless of who fills out the form for you. At this point, you will move on to the next form, called a Collection Information Statement. This statement will include all of your financial information. This information is vital to your offer in compromise form being processed since the ability of the IRS to grant you an offer in compromise depends largely on your ability to pay what is owed. This must be fully disclosed before they will even process your request.

Play the waiting game
Once you have filled out the necessary offer in compromise forms, you will have to wait for a response from the IRS, and this could take a few months to a couple of years. In the meantime, it is in your best interest to keep the IRS informed of any changes to your account or your ability to repay the debt owed. Constant communication with the IRS will only benefit you, and if they ask for additional information, you must comply.

Applying for an offer in compromise is a timely and complicated matter. Now that you have a small idea of all of the work involved in applying, you can probably see that consulting the experts at IRS Problem & Tax Lien Help Group would be beneficial to you in many ways. We can fill out all of the necessary forms, in time and correctly, and can act as a liaison between you and the IRS. Don't lose sleep over your tax problems. Let us take care of them for you.

Contact us here today and see how we can help you obtain offer in compromise tax help. The consultation is free, and we may be able to provide you with the edge you need against the IRS.

Read more about the facts behind offer in compromise here.

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