If you are considering implementing tax negotiations, the first thing you must do is find a qualified tax specialist. You will not be able to effectively handle a tax negotiation on your own, and the help of a trained professional is imperative. A competent tax professional will be able to collect all of the pertinent information, complete all of the necessary paperwork, and handle all of the correspondence with the Internal Revenue Service representatives. There are numerous ways that a tax negotiation can work in your best interest.
There is a program entitled Offers in Compromise. This program allows you, through your hired tax professional, to make an offer to the Internal Revenue Service for an amount that is actually less than the amount of taxes that you owe. Sometimes, the Internal Revenue Service will accept this offer, and you will be able to become debt free from the Internal Revenue Service for much less than what you had originally owed.
If you do choose to enter into tax negotiations with the Internal Revenue Service, and you have decided to make an Offer in Compromise, you need to understand that the Internal Revenue Service has three factors that...