Federal law grants the IRS the power to agree to a settlement of your tax debt for less than the actual amount you owe. Sometimes, the IRS can accept significantly less to end your IRS tax debt. However, the process of actually getting the IRS to agree to a settlement is not simple or straightforward. You will need help.
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Whether or not you qualify to participate in the IRS offer in compromise program (the settlement procedure) depends upon several factors. Generally, the IRS will not negotiate a settlement of tax debt when the tax debt is small in relation to your earnings. However, there are three situations in which the IRS will consider negotiating with you.
IRS Tax Debt Settlement Help Requires Expertise
If you can prove that the tax amount is the result of an IRS error, the IRS will lower the tax debt owed to the proper amount. It will usually take the help of tax professionals to convince the IRS that it made a mistake. If you can prove that collecting the debt would be an insurmountable burden on you, the IRS may settle your tax debt, but even with help, this is a difficult thing to prove. If you can prove that you could never pay such a large tax debt, the IRS may also negotiate a settlement.
Regardless of which basis for tax debt settlement is used, our Tax Tiger professionals can help. Our tax attorneys have combined IRS negotiating experience of nearly 50 years. We use that experience to help get the best settlement possible for our clients. We also have IRS manuals to use to help tailor our negotiations with the IRS and our insider knowledge is invaluable. Call today to find out how Tax Tiger can help you!
