One of the most important governing bodies that deal with tax enforcement and collection is the Internal Revenue Service or the IRS. According to recent reports, a lot of people owe huge sums of money to the IRS because of their taxes. Getting professional legal help is a must if you are one of these people who owe some money to the IRS and you need to pay them right. You can start getting the assistance that you need for the liabilities that you are facing from tax lawyers, enrolled agents, and CPAs. Usually, these liabilities are handled with the help of collection due process, injured or innocent spouse defense, installment agreement, collection appeal, and offer in compromise.
From these many choices, the offer in compromise stands as the most attractive choice. 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. The thing about the IRS is that it is equipped with the right machination and tax resolution software logics to monitor your taxes. When rejection of your offer is made by the IRS, they will be paying you a visit one of these days. 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. It offers you a proper analysis of the current case and problem that the client is in. It assists in getting into the details of the current situation that the client is in and how to go about increasing chances of approval from the IRS.
Until this day, there are still a good number of tax experts that manually prepare their offer in compromise solution. 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. Doing all of these things should be far from your concern with the help of a reliable IRS recommended tax software. You can save both of your time and money through it. Aside from automating the process to make things easier and faster for you, you will also be provided up-to-date information regarding the updates made by the IRS.