Professional Tax Resolution Announces New Changes to the IRS Offer in Compromise Program

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Brian C. Hill, CPA

In order to obtain the most favorable results, I highly recommend taxpayers retain the services of a licensed tax resolution specialist.

Irvine, CA (PRWEB) June 15, 2012

With a growing number of taxpayers facing severe financial problems, the Internal Revenue Service (IRS) has agreed to assist financially distressed individuals by providing more flexible terms for the Offer in Compromise program. According to Professional Tax Resolution, a licensed tax settlement firm in Irvine, California, the new terms will expand the previous Offer in Compromise program and make reasonable tax settlements available to a greater number of taxpayers.

An Offer in Compromise, which allows a taxpayer to settle tax debts for less than the full amount, provides a great opportunity for distressed taxpayers to resolve tax problems more quickly than through traditional methods. However, since the IRS has a strict set of rules they must operate within, they will not approve an Offer in Compromise if believe the taxpayer is capable of paying the full debt. Now, the IRS has announced a new, more lenient set of rules for approving new Offers in Compromise. The new rules revise the future income calculation, allow taxpayers to pay overdue state and local taxes, allow taxpayers to repay student loans, and increase the allowable living expenses.

“With the average American taxpayer having less disposable income and continuing to feel the pressure of the lackluster economy, the federal government is trying to encourage people to make arrangements with the IRS in a timely manner,” said Professional Tax Resolution founder and CPA Brian Hill. “Even though the Offer in Compromise program is a great opportunity for delinquent taxpayers to reduce their tax burden, it is important to understand that negotiating with the IRS can be complicated. In order to obtain the most favorable results, I highly recommend taxpayers retain the services of a licensed tax resolution specialist.”

With approximately 19% of taxpayers owing back taxes, the expansion of the Offer in Compromise program is likely to benefit both the IRS and delinquent taxpayers. Unfortunately, the process of negotiating tax settlements and obtaining IRS approval is complex and time consuming. To obtain favorable terms and the best possible tax settlement, an experienced tax resolution firm that fully understands the IRS requirements, approval process, and negotiation techniques should be retained.

“Professional Tax Resolution is happy to offer a free, no-obligation phone consultation to individuals wanting to explore the Offer in Compromise or other tax settlement options," said Hill. "The consultation, which normally takes between 20 and 45 minutes with a licensed CPA tax professional, evaluates the individual's specific tax situation and provides custom-tailored advice on how to deal with the IRS.”

Professional Tax Resolution, which was founded in 2007, is an ethical tax resolution company focused on achieving maximum results for each of its clients. At Professional Tax Resolution, clients can be assured they are dealing directly with licensed tax professionals, not commission salespeople. To receive a free tax consultation or find out if Professional Tax Resolution can help you, call (877) 889-6527.

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