You Will Need to Follow These Steps to Get an Offer in Compromise
Study shows that many people are unable to pay their taxes. Have you been wondering what you will do if you are not able to pay your taxes? It would be best if you visited this site to get the details you need. One of the things to do is ask for the info that will be an advantage to you. You should consider contacting the IRS as it is the one to help you. read more now to know how you can qualify to get an offer in compromise.
The first thing you should know is that it takes a process to apply for an IRS offer in compromise. You may apply and fail and you keep wondering what went wrong. There are papers that you are supposed to fill out first. There are two important forms that you are supposed to fill out with your details. The details there will show the money you get and if you have other debts. After filling out the form you will be required to pay an application fee that can also be used as a waiver. It is also required of you to pay an amount that is 20% of the debt that you have. You should know that the payment is non-negotiable.
There are other things that are checked for you to be qualified for an offer in compromise. You will not be taken when you do not have these qualifications. It is important that you learn more about qualifications before you even begin. You should know that you should not be bankrupt, have a court-ordered tax debt, and also be behind on your taxes as you will not qualify. It would be best that you give out the forms you are asked for and also give out the details in full. You are supposed to know that you will be disqualified if they find you have not paid the application fee.
The other that the IRS looks at when checking if you are qualified for an offer in compromise is your past, present, and future income. They will also check your car model and how much you pay your bills. Once they find that you cannot give something equal to your retained cash flow then you will be disqualified. There are two ways in which you can choose to pay your debts. Either by paying in installments or paying much money within five months.
There are many benefits you will get when you apply for an offer in compromise. You should know that there will be time to pay the debt at the pace that you need.