Facing a debt with the IRS is a situation no one wants to find themselves in; however, it’s an issue for thousands of people each year. Often, those saddled with debt can’t pay it—at least not in the full amount they’re responsible for.
Rather than chase people for money they’ll never be able to pay back, the IRS can sometimes agree to an offer-in-compromise. This is a form of tax debt relief in Las Vegas, NV that enables people to pay a portion of their outstanding debt to unburden themselves of the overhanging amount owed, as well as any additional interest or penalties they might be incurring.
While it sounds like it’s too good to be true, for many, an offer-in-compromise is a reality. You must meet a few certain criteria, however:
- There must be a general belief by the IRS that you are unable to pay back the full amount owed, even with an installment plan in place.
- You must not have previously accepted offers-in-compromise.
- There must be doubt in liability for how the debt was accrued, meaning your offer won’t be accepted if there’s belief that you knowingly broke the law.
The best way to see if you’re able to file for an offer-in-compromise is to consult with a specialist in tax debt relief in Las Vegas, NV. Get in touch with Dan Randall and Associates today to learn more!
Categorised in: Tax Debt Relief
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