A thing that has never happened in history has changed the way things are these days with the Internal Revenue Service since there are already a lot of individuals who are owing a large amount of taxes that needs to be paid. These individuals who have yet to pay their taxes are badly in need of help that is why they would give any amount just to be free from this situation. Tax Attorneys, CPA, or Enrolled Agent, are allowed to make use of some of the instruments that can help their client to settle the liabilities that they have, and these instruments include Injured or Innocent Spouse Defense, Collection Due Process and Installment Agreement, Offer In Compromise, and Collection Appeal.
The Offer In Compromise is the most popular instrument that a lot of mediators use these days since there is a very big possibility that the tax slate of the client will be discounted or may even be totally wiped clean. When it is true that this is considered as the most attractive instrument these days, it also has its pros and cons. When it is highly possible that you can get a discount of the amount that you are supposed to pay for the tax that you owe to the Internal Revenue Service, there is a risk of having to divulge every information about your assets to them. All taxes are being monitored by the Internal Revenue Service’s machine that is why there is no way for you to lie about the total amount that you have to pay for. Since your client is expecting a lot from you, it is only proper to inform him of everything that progresses from his tax evasion case even if it means that the appeal is not being accepted, so that when someone from the Internal Revenue Services will come knocking at their door, they will not be alarmed. Although Offer In Compromise may sound like a big hope for the clients, they should know that the disadvantage of this is that only 20% of the total number of offers that are submitted to the Internal Revenue Service will be accepted. To belong to the 20% of appeals that are being accepted by the Internal Revenue Service, there must be some things that you need to take note of. Your problem might be diagnosed after it will be analyzed by the tax resolution software logic which you need to take a hold of. This can also help determine what chance you have in joining the 20% that are being accepted by the Internal Revenue Service.
Some representatives who are applying for the Offer In Compromise are still preparing it manually which means that they are using their calculators, pencils and their brain in doing this.
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