OFFER IN COMPROMISE
An offer in compromise is an agreement between a taxpayer and the IRS to settles tax liabilities for less than the full amount owed. An offer in compromise may be a legitimate option if you can’t pay your full tax liability, or if doing so creates a financial hardship.
The IRS will consider a number of variables such as your:
- Ability to pay
- Asset equity
If the IRS sees that the amount offered is reasonable and can be collected in a timely manner, they will generally approve. Keep in mind that you must be current with all filing and payment requirements.
Our tax professionals will help you with an offer in compromise and maximize your chances of success.
What is Tax Audit Representation?
Attorneys, CPAs, and enrolled agents will develop the perfect strategy to defend your position in an audit. A typical audit representation is when the IRS will come in and discuss what is being audited with a tax or legal professional who is representing you.
Often times, your business will receive a letter asking for more information about your tax returns, and you’re asked to mail back forms proving your income or deductions. For an audit, you may get an invitation to meet with an agent to discuss tax forms.
Well there’s no need to panic, but there are certain steps you must take.
We will assist you with the preparation of all documents requested by the IRS (or taxing authority) and we will attend all meetings required. We will also handle the correspondence for you.
You’ll need to grant power of attorney to your tax professional/enrolled agent, to let them handle everything while you stay home. Rest assured that IRS agents prefer handling the paperwork with tax professionals like us!