Irs Offers in Compromise - previous Agent's Tips to Get Them standard
1. Make sure that all your tax returns are filed and up to date. If not, the Irs will not accept the Offer in Compromise.
Irs Offers in Compromise - previous Agent's Tips to Get Them standard
2. In the year you are filing the Offer in Compromise, all your estimated tax payments or withholding tax must be up to date.
3. If you are going to owe tax the year you are filing the Offer in Compromise, do not file. Wait until the start of the next tax year and file the Offer. This way, you can include the current year with the Offer in Compromise.
4. Pull a transcript from the Irs to make sure all of your tax years are included in the Offer in Compromise. Should you fail to include any years you owe tax, the Irs will not accept your Offer in Compromise.
5. Make sure your Form 433-A, financial statement, is perfect on every line. The Irs will reject any Offer even if one line item is missing.
6. Contribute all financial documents required to the Irs when filing the Offer in Compromise. The Irs will only accept Offers in Compromise that are fully documented.
7. Make sure you understand the Irs's objective before you file the Offer in Compromise to ensure you have requested the lowest potential settlement. Remember, the Irs is only curious in two main items, your total equity and your ready income. They are not concerned about your debt.
8. Effect the Offer. The Irs will send you a series of letters telling you of it's status. Once it reaches the Offer group, call the Irs agent working your case to get the quickest potential results.
9. Understand that the Irs will make several attempts to verify your Form 433-A, financial statement, by research. They will check the internet, reputation reports, the Dmv and prior tax returns to confirm the information you provided is accurate. The Irs will escort a thorough investigation.
10. If you pick to hire a expert company, make sure you deal directly with the private working your case.
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