-- Harvey Koehler, tax resolution leader of Harvey the Taxman in Broomfield, CO, has just revealed key advice on how to get tax debt relief for offers in compromise.
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When asked to comment, Koehler said, “An offer in compromise – which is an agreement between the IRS and the taxpayer to settle tax debts – can be a complex and lengthy process. But there are some things that taxpayers can do to increase their chances of striking a better deal with the IRS.”
One of the most important steps to take, according to Koehler, is to contact an experienced tax professional, instead of trying to negotiate with the IRS on your own.
“A lot of people think that the IRS will be lenient in their offers in compromise. However, this is not the case. The government will try various tactics, such as pressuring you to liquidate assets to get as much money as possible,” he said.
Tax resolution experts, Koehler added, are able to anticipate these techniques, navigate demands from the government, and compromise a lower payment plan on your behalf.
Another crucial aspect of ensuring tax relief is to keep up-to-date on filing and paying for taxes while waiting for an offer in compromise.
“An offer in compromise is not an immediate process, and it normally takes between half and a full year to be approved. During this time, make sure that you are paying your taxes as falling behind could negatively impact your ability to settle on a fair payment plan at a later date,” Koehler said.
According to Koehler, people who need to settle their tax debts with the IRS should not wait until they earn more money to do so.
“An offer in compromise is determined based on your disposable income, which means that the more you make, the higher the settlement amount will be,” he said.
“In deciding on the settlement amount, the IRS takes into account how much you will be making in the near future. If it doesn’t look like you’ll be making much, then the government will settle on a lower number, even if that figure doesn’t cover your debt in full,” Koehler commented.
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Contact Info:
Name: Harvey Koehler
Email: Send Email
Organization: Harvey The Tax Man
Address: 11001 W 120th Ave #400, Broomfield, CO 80021, USA
Phone: +1 720-874-9747
Website: http://www.harveythetaxman.com/
Source URL: http://recommendedexperts.biz/
Release ID: 311189
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