A professional tax specialist will help minimize any tax liabilities while helping to maximize a return. The emphasis put on deductions, retirement savings plans and tax credits are done efficiently to make your tax return the least negatively affected. Not being able to pay your taxes is one of the worst debts you can possibly create. Your tax specialist will advise you to work out a payment plan with the IRS. Preparing an Offer in Compromise may be the best advice you can get from your CPA.
Owing money to the IRS is a debt which will require payment. The only way it will go away is if the IRS decides to dismiss it. This will not happen by any bankruptcy or by neglecting to pay. The IRS is willing to work with people, especially in this time period of economic hardship. One of the best ways to work with the IRS is through their Offer in Compromise. This offer to the IRS will allow you to settle your tax debt for less than the full amount owed. This is a legitimate option when you cannot pay the full tax liability because of financial hardships. The IRS will concern itself with: your ability to pay, your current income, expenses and assets. Your best bet to getting any kind of assistance is to contact the IRS yourself. Use your tax specialist as a guide or reference.
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