In order to settle tax debt, you will have to submit a substantial amount of documentation and information to present to the IRS. They want to know how much you can or cannot afford to pay from what you currently owe. If you decide to go with a tax expert who is authorized to represent you before the IRS, like an Enrolled Agent or a CPA, we will start you off on a few basic tax fixes before evaluating the option to settle tax debt. First off, we will help you file any unfiled taxes from previously unfiled tax years. That way, we can evaluate what your actual debt is; it’s possible that you may actually be getting a refund. This many times can already lower the amount of tax debt the IRS is coming after you for. Any refunds are usually applied towards tax years with tax debts, again lowering the total tax debt owed.
Kansas City Tax Mediation has an additional step we take to save you time and money. The IRS does not want to settle tax debts and their standards are very high and limiting. We use the Optimum Resolution Analysis to see what your chances are of getting an approval and for how much. We will look at every detail of your financial situation, the same way the IRS will when your offer is presented to them. If we see issues with the offer to settle taxes that could prevent the IRS from approving it, we will let you know and either find a way to correct it, or let you know of other options to resolve your tax situation.
Call Kansas City Tax Mediation right now. Have us perform on Optimum Resolution Analysis to see how likely you are to settle tax debt and if not, what strategy will work best for you. You meet with us face to face. We are right here in Kansas City. Let’s get through this together.