Los Angeles, CA (PRWEB) July 05, 2012
With a rising volume of taxpayers facing serious financial problems, the Internal Revenue Service (IRS) has decided to aid financially distressed men and women by providing more accommodating terms for the Offer in Compromise program. Reported by Titan Tax Relief, a licensed tax resolution services firm in the newest terms will expand the last Offer in Compromise program and make sensible tax settlements accessible to a large number of taxpayers.
An Offer in Compromise, which allows a taxpayer to pay back tax debts for less than the entire amount, provides a great potential for distressed taxpayers to eliminate tax problems faster than through traditional methods. However, since the Internal revenue service has a strict set of guidelines they must operate within, they do not approve an Offer in Compromise if believe the taxpayer is capable of paying the complete debt. Now, the IRS has introduced a new, more lax set of rules for authorizing new Offers in Compromise. The newest rules revise the future income formula, allow taxpayers to pay overdue state and local taxes, allow taxpayers to settle student loans, and raise the allowable living expenses.
“With the common American taxpayer having a lesser amount of disposable income and continuing to feel the pressure of the lackluster economic climate, the us government is trying to encourage people to make arrangements with the IRS in a timely manner,” said Titan Tax Relief pr manager and Asal Mehraban. “Even though the Offer in Compromise program is an excellent opportunity for late taxpayers to reduce their tax burden, it is essential to understand that negotiating with the Internal revenue service can be complicated. In order to obtain the most reasonable results, I recommend taxpayers seek the services of a licensed tax resolution specialist.”
With roughly 19% of taxpayers owing back taxes, the increase of the Offer in Compromise program is likely to benefit both the IRS and delinquent taxpayers. However, the process of negotiating tax settlements and obtaining Internal revenue service approval is complicated and time intensive. To obtain positive terms and the most beneficial tax settlement, a highly trained tax resolution firm that fully understands the IRS requirements, approval process, and negotiation strategies should be retained.
"Titan Tax Relief is happy to provide a free of charge, no-obligation phone assessment to individuals wanting to explore the Offer in Compromise or other tax settlement options," said Mehraban. "The assessment, which normally takes between 20 and 45 minutes with a tax resolution professional, examines the individual's specific tax situation and provides custom-tailored information on how to deal with the Federal government.”
To receive a free tax consultation or find out if Professional Tax Resolution can help you, call (800) 214-2100.