Tax debt relief is opted for by people who have somehow failed to file their tax returns.
Tax debt relief is opted for by people who have somehow failed to file their returns, which in result have made them liable to pay a repayment of back taxes.
This is no doubt a severe and frightening state of affairs. This may occur due to various reasons. It might be an emergency such as individual or family illness, death in a family, change in economic condition, and lack of budgeting or lavish lifestyle.
In these situations failure to pay the money or underpayment are the two most common things to happen. And if this thing really occurs one should fix it as early as possible that is because some forms of non-payment are liable to be punished by imprisonment for every year of taxes that has not been paid.
The offer in compromise process is really the heart of accounting. There are almost always extenuating circumstances surrounding the need to submit an OIC, but at its core, preparing an excellent OIC is a numbers game. Of course, there are ways of making an offer more convincing and negotiating is still important, but it is your job as a tax professional to make sure the numbers tell a compelling story. Tax Resolution clients, especially those who qualify for offer in compromise, are often desperate for a manageable solution to their tax problem.