Erase Tax Stress IRS Settlement Help Changes Everything
To successfully navigate an IRS settlement, it is crucial to follow a structured approach:
- Assess Your Financial Situation: Begin by evaluating your current financial status, including your income, expenses, and assets. This assessment will help you understand your eligibility for an Offer in Compromise.
- Gather Necessary Documentation: Collect all relevant financial documents, such as tax returns, bank statements, and proof of income, to support your settlement application.
- Submit the Offer in Compromise Application: Complete and submit Form 656, Offer in Compromise, along with the required application fee and initial payment3.
- Negotiate with the IRS: Be prepared to negotiate with the IRS, as they may counter your offer. It's often beneficial to seek professional assistance from a tax advisor or attorney to strengthen your case.