A considerably large amount of taxes needs to be paid by some individuals these days to the Internal Revenue Service which was never allowed to happen before. These individuals who have yet to pay their taxes are badly in need of help that is why they would give any amount just to be free from this situation. Tax Attorneys, CPA, or Enrolled Agent, are allowed to make use of some of the instruments that can help their client to settle the liabilities that they have, and these instruments include Injured or Innocent Spouse Defense, Collection Due Process and Installment Agreement, Offer In Compromise, and Collection Appeal.
The Offer In Compromise is the most popular instrument that a lot of mediators use these days since there is a very big possibility that the tax slate of the client will be discounted or may even be totally wiped clean. When it is true that this is considered as the most attractive instrument these days, it also has its pros and cons. When it is highly possible that you can get a discount of the amount that you are supposed to pay for the tax that you owe to the Internal Revenue Service, there is a risk of having to divulge every information about your assets to them. Since there is an Internal Revenue Service machine that is able to monitor all of the taxes, you cannot lie about your own. Someone from the Internal Revenue Service will surely be looking for your client if your appeal about the offer will not be accepted so make sure that you have kept your client informed of the progress of his case. You may think that the Offer In Compromise is very advantageous, but what you don’t know is that only 20% of the total number of appeals will be accepted. To belong to the 20% of appeals that are being accepted by the Internal Revenue Service, there must be some things that you need to take note of. There is a form that the client needs to fill up after given an evaluation of the chance that he has in belonging to the 20% of appeals that are accepted. That is why you should make use of a tax resolution software logic which will be able to help you in fixing your problem by making an analysis of it.
According to a recent survey, there are still representatives who are still using a calculator, pencil, and their brains to have the cases for the Offer In Compromise done.