What to do if you want to pay your fair share of taxes, but you cannot afford it?
One solution is an ‘offer in compromise.’
An offer in compromise is an agreement between the taxpayer and the IRS that allows the taxpayer to settle his tax debt for less than the amount he owes. There are two types of offers in compromise: lump sum offer and periodic payment offer.
In order to have the debt balance wiped clean, the taxpayer needs to qualify for the program. Upon reviewing a taxpayer’s application, the IRS will take one of the following actions: 1) accept the offer, 2) return the offer due to an incomplete application or circumstances that make the taxpayer unqualified, 3) reject the offer, or 4) ask for additional information and begin the negotiation process again.
Dealing with the IRS means that you are dealing with your financial future. When you are looking for help, realize that you are not buying an everyday product. You want to be sure that you hire a professional who knows what they are doing, understands your case, and can provide you with your best options.
To avoid mistakes in your application that could lead to rejection or further complications with the IRS, Tenina Law is here to help you. With extensive experience dealing with the IRS Collections Division, Alla Tenina can quickly analyze your tax situation and find the best method to resolve your tax problem either through offer in compromise or another program offered by the IRS.
Considering the fact that the IRS is more likely to give a professional a more favorable agreement than an ordinary taxpayer, Tenina Law can help you achieve the result you need.