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. For these people to resolve their issues and pay in total amount the money that they owe the IRS, they need to get professional legal help. Enrolled agents, CPAs, and tax lawyers are the people that you should report to in getting some help. 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.
Out of these many options, the most attractive for taxpayers is the offer in compromise. Maintaining a clean tax record and getting great discounts are what you get with the use of this offer in compromise option. 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. There is no sleep for the tax resolution software logics and machination of the IRS to work and keep constant track of your taxes. When rejection of your offer is made by the IRS, they will be paying you a visit one of these days. Be ready to face them as they come knocking at your door.
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. This tool will help to get into the bottom of the issue on the part of the client as well as check for chances of approval of their request.
Until this day, there are still a good number of tax experts that manually prepare their offer in compromise solution. This means that brains, pencils, and calculators are what they must use. If you must file for this request to the IRS, you have to make use of a lot of your time and effort in dealing with necessary documents. If you do not want to go through this long and tiring process, the use of an expert IRS recommended tax software is a must. This helps you save a lot of your time and money. Besides having things automated, you can also get updates through the software from the IRS.