Offer in Compromise IRS Tax Representation
What is an Offer in Compromise?
An offer in compromise is an offer to settle your Internal Revenue Service (IRS) tax debt for less.
Why Does the IRS agree to settle tax debts for less?
Some tax debts will be deemed unobtainable. When it is made clear that repayment in full is not possible, the IRS will settle for what they can get. But you do have to present a strong case.
So how do I know if I’ll qualify for IRS tax reduction?
There are several factors that will either qualify you or disqualify you for an offer in compromise. We’ll mention two here:
• Annual Income—if your annual income is deemed sufficient to cover the full amount of your IRS tax debt, you will not qualify for an offer in compromise.
• Assets—if the sale of your assets is deemed sufficient to cover the total of your tax debt, you will not qualify for an offer in compromise.
How can Huddleston Tax CPAs help me?
The IRS is very careful when considering eligibility for an offer in compromise. Our CPAs at Huddleston Tax CPAs are very careful as well. We can help you weigh your valuations against your outstanding IRS tax debt in order to arrive at a realistic solution.
We’ve helped guide others through the process and we can serve as advisors for you, to help lessen your anxiety and maximize what you stand to gain in the process.
We are Huddleston Tax CPAs and we ‘re proud to serve Renton, WA and areas throughout King County. When it comes to negotiating an offer in compromise, give us a call.