An offer in compromise allows you to settle your tax debt with the IRS for less than you currently owe. Because they involve the tax authorities forgiving all or a portion of your debt—and thus collecting less from you than they’d like—offers in compromise aren’t given away lightly. You’ll need a skilled tax resolution specialist on your side in order to secure this valuable tax settlement. In and around Virginia Beach, you can count on Taxation Solutions, Inc. for assistance determining if an offer in compromise is right for you, and then petitioning the IRS to accept your claims.
There are several things you’ll have to prove in order to be granted an offer in compromise. At the top of the list: you’re only eligible if you can show that you can’t pay your debt through an installment payment plan or in a lump sum. Also, you can’t be in active bankruptcy proceedings, and you must be current with all filing and payment requirements. Taxation Solutions, Inc. can help you gather paperwork and present the best possible case to the IRS.
Securing an offer in compromise can be a long, drawn-out process, but with our pros by your side, you have your best chance of ending up with a favorable outcome. Call us today to learn more!