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In life, stuff happens. The IRS understands that too, so why not put something in place for taxpayers that need it. The debt forgiveness is the perfect plan for someone who has to pay the IRS money and can’t afford it. In some case now taxpayers can actually have their debt taken away but there are qualifications for that we will talk about that later in the article. Initially, when the IRS looks at forgiving your debt, the first place they look is the current situation that you are in financially. What this means is the IRS can’t take more than you can make from your check. It wouldn’t go well for them as far as trying to collect money from a situation that they dug you deeper in.
Offer In Compromise
This option lets you settle your debt with IRS for a whole lot less then what you should be paying. This is excellent for people who just can’t pay the amount but who is trying to take out to get it done. The IRS then looks into some factors that will give them a better picture of your current life.
What can you pay
In general, the IRS accepts offers that give them an amount that is reasonable to offer over a period of time. Make sure to explore all other options before submitting a compromise. This is not forever. This is where you should consult with Tax Shark. They have experience in internal revenue service tax forgiveness. They are highly trained to handle your unique situation when it comes to taxes.
Are you eligible for this option?
In order for you to be considered for the compromise, you would need to make sure you do not owe anything to the government already if you have an open bankruptcy proceeding. You can not choose this option. If you think you are able to get an offer, then go to the pre-qualifier and make sure you confirm your eligibility.
How to submit your offer
When you are ready, you can find how to set up the forms for submission from the Compromise Booklet. Your complete package must include
Form 433-A or Form 433-B are required documents
Form 656-is formally called the individual, and business debt forms make sure that you submit these forms separately if you need to have both.
A $186 fee will also be needed for the processing
Along with your first payment of the agreed upon dollar amount.
Payment Option Selection
In the beginning, your offer will be a little different than your payment option. You will have two different options to go with.
Lump Sum Cash-In this option you will pay a percentage of the full amount offered on your application. If the IRS chooses to take this offer, they will send you a written form acknowledgment. Any balance remaining will be paid through 5 or fewer payments.
Periodic Payments-This option allows you to send an offer with your application. This is not the same as sending a percentage. In this option, you will be able to continue your payments through monthly installments until the amount is paid in full.
If you qualify for the low-income guidelines, then you won’t have to submit anything in. You will also not have to pay the monthly installment fees as well. More information can be found on your application package.
Understanding the process of everything
In the meantime, while your application is being looked over here are other things to note as well.
Your payments that are non-refundable and any other fee can go toward the amount that you owe. You have the option to choose which tax year or debt you would like to apply it to.
There may be a tax lien notice gets filed during the process.
If you have other collections going on these are all suspended.
The time in which it takes to look over your tax account is extended along with the collection period as well.
Make all payments that you agreed to in your offer
If you have any installment agreements prior to this, you are not required to pay those.
If it has been longer 2 years since you sent off the application and you have not heard from the IRS. The IRS has accepted your offer.
Your offer has been accepted.
Upon receiving your acceptance letter, you will need to make sure you follow the agreement and any other offer terms that are listed in section 7 form of 656. This includes making all payments and filing all tax returns.
Any refunds you receive within the current calendar of your offer being accepted will be put towards your tax debt as a means to pay it off.
If you incur any tax liens, they will not be lifted until the offer terms are met.
If you are anyone else is looking to obtain a copy of the offer information, certain parts will be made public and can be obtained by requesting a copy of the public request file.
Your offer wasn’t accepted.
In some cases, the IRS may choose to reject your offer if this is the case. You will have a chance to appeal the decision within a 30 day period. If you choose to get an Appeal of Offer in Compromise, then you will need to see form 13711. In conjunction, you can also check out the self-help tool. It may also give you insight into appealing the decision as well.
Tax Professionals are always available.
The professional at Tax Shark can assist you with any and every step of the process. Don’t feel like you are in this alone there are people that can help and has the knowledge that you need to get through the process. If you are in the area lookup Sacramento IRS tax forgiveness and find the professionals at Tax Shark, they are ready and will to get your life back on track. When you use tax professionals, you have the assurance that your paperwork is in good hands.
Tax Shark – Tax Relief – Sacramento is located on 500 Capitol Mall, Sacramento, CA 95814. From Sacramento International Airport (SMF) head north on Airport Blvd and keep right to continue on Airport Blvd E. Then keep right to continue on Aviation Dr and continue onto Crossfield Dr. Next, turn left and merge onto Airport Blvd. After that merge onto I-5 S via the ramp to Sacramento and merge onto I-5 S. Head straight for 9.6mi. Take exit 519A toward Q Street and continue for 0.5mi. Turn left onto 5th St. In 0.3mi Tax Shark – Tax Relief – Sacramento will be on your right. We are open 9am-5pm, Monday-Friday. For additional questions you can call us at (916) 542-9244.