One thing that you should already know about the Internal Revenue Service or the IRS is the fact that they enforce the collection of income taxes. However, in recent years, a lot of people have been reported to owe large sums of taxes to the IRS. Owing the IRS a large sum of money basically means that one is in for some legal consequences. For this matter, it’s essential that they get the necessary help that they need. In this case, hiring a tax attorney or a CPA is a pretty common occurrence. They have the legal position to represent their clients to the IRS. The appeals for the clients can differ since these professionals are basically the ones who can ask about the Collection Appeal or the Offer in Compromise for their clients.
If you’re a tax attorney or a CPA, then you should know how important it is to be able to help your client. If you want to help your client, you’ll want to explore the option of the Offer in Compromise beforehand. This is because the Offer in Compromise can give a huge discount to the client. Still, you should know for a fact that this choice still has pros and cons. Choosing the offer in compromise basically means that the client has the chance to lower their tax liability by a huge percentage. However, you should know that the IRS will have to gain access to the current assets of the client. Also, you have to know that taxes are always monitored with the IRS tax resolution CRM. At times, the offer will be rejected by the IRS. If that happens, it’s essential that the tax attorney or CPA will be able to let their clients know of the result immediately. This is also needed to prepare their clients for any surprise visits from the IRS.
When submitting the Offer in Compromise, as a tax attorney or CPA, you should know some things about it first. While this offer provides a generous discount to the clients, you should know that the acceptance rate for it is only about 15 to 20 percent. Making sure that your client will be part of the acceptance range is your responsibility. This is where the usefulness of the tax resolution software comes in. The tax resolution software is a tool that you can use to gather accurate analysis of your client’s tax situation. Being a tax attorney or a CPA who represents your client might be good enough, but you should know how important it is to get the help of the tax resolution software.
One thing that you should know is that some people are still preparing their Offer in Compromise manually.