Offer in Compromise
Are you worried that you'll never be able to pay the tax debt you owe? Are financial difficulties preventing you from meeting your tax obligations? An offer in compromise may be the solution for you.
With an offer in compromise you can resolve your tax debt by convincing the IRS to agree to let you to pay less than the full amount owed. The IRS will allow you to utilize the offer in compromise option if you cannot pay your full debt or if doing so would create financial hardship. Elements such as income, expenses, and asset equity are factors in this decision. To take advantage of an offer in compromise, the IRS advises that you explore all options, make sure you are eligible, and submit a reasonable offer. These steps can be complicated and confusing for an individual acting alone. A diligent tax professional can help you to determine the best way to proceed and then communicate with the IRS on your behalf. This demonstrates that you are serious about satisfying your tax obligation and can help move the process along.
An offer in compromise can help you to pay less on your debt, including a reduction of any penalties or interest you may have accumulated. This can relieve a lot of the financial burden as well as the mental burden of being in debt to the IRS. Solutions like this can be explored and pursued with the help of a qualified Northern Louisiana CPA firm like S. Renee Stadius, CPA. Take the first step towards financial solidity and call us at (318) 699-0357 now. We can get you started with a free consultation and kick start your path towards being tax debt free.
Even though the process of settling your tax debt can be complicated, the money you owe should never be ignored. Ignoring notices from the IRS can result in levies or wage garnishments and you could lose a lot of your income as well as property such as your home or car. These prospects are scary, but can be avoided by facing IRS problems head on with S. Renee Stadius, CPA by your side.
Contact us today at (318) 699-0357 and we'll help you figure out whether an offer in compromise is the right solution for you.