When you’re facing a large back tax bill, it can feel truly impossible to pay off your debt. With tax, penalties, and interest adding up to major money, it can seem like you’ll be crushed by the weight of your tax problems.
There is light at the end of the tunnel, however. You might not have to pay the entirety of your tax debt bill! An offer in compromise is a type of tax settlement that enables you to settle your tax issues for less than you currently owe. Based on the philosophy that some payment is better than none, offers in compromise are typically accepted when the amount in question is the most the IRS could hope to collect within a reasonable amount of time.
Offers in compromise are not a one-size-fits-all solution. These tax settlements must be crafted carefully, based on your current tax liability, income, assets, and other factors, and they can be a time-consuming, drawn-out endeavor. Having qualified tax specialists or enrolled agents working on your case is the best way to ensure your offer in compromise is most likely to be accepted.
Taxation Solutions, Inc. has more than 40 years of experience providing tax help, and our team is standing by to ensure that Cincinnati-area taxpayers get the professional assistance they need with everything from offers in compromise to penalty abatement and beyond. Combining in-depth expertise, compassionate service, and effective tax assistance, we are your resource for resolving your tax problems ASAP.