3 Solutions to Common Tax Problems in Provo

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3 Solutions to Common Tax Problems in Provo
By - https//www.taxhelput.com/
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1.Offer In Compromise

• An offer in compromise is exactly what it sounds
  like--an compromise with the IRS to settle taxes
  for less than the amount owed. The most frequent
  type of offer in compromise is doubt as to
  collectibility. Considering a taxpayers income
  and equity in assets, the IRS determines whether
  or not the taxpayer will ever be capable of fully
  repaying their taxes. If their reasonable
  collection potential exceeds the offer, the IRS
  will not accept it. Another common concern
  regarding offers in compromise is doubt as to
  liability. In this scenario, the IRS will reduce
  the amount owed because they believe that the
  assessed amount is incorrect. Effective tax
  administration, the last type of offer in
  compromise, applies to and helps individuals who
  would suffer undue financial difficulty by paying
  the full bill. In most cases, this offer only
  applies to elderly and disabled people. Because
  of the elaborate application process to qualify
  for one of these offers, help from an IRS
  attorney in Provo is strongly encouraged.

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2.Agreements

• IRS Agreements help taxpayers who can pay taxes
  over time, but not immediately, due to a specific
  financial situation. To qualify for an
  installment agreement, an individual must have
  less than ten grand in back taxes, have filed tax
  returns for the last five years, and agree to pay
  all returns for the agreement period. Among other
  things, a streamlined installment agreement
  requires that an individual can pay off their
  back taxes within six years, owes less than fifty
  grand in back taxes, and is not presently filing
  a bankruptcy. A financially verified installment
  agreement consists of similar qualifications
  however, the key difference is that the latter
  does not insist on detailed financial
  information. A partial payment installment
  agreement reduces but does not eliminate periodic
  payments and could potentially result in the
  forgiveness of remaining taxes. Although both
  agreements can be helpful to taxpayers seeking
  relief, IRS lawyers and other professionals are
  recommended as a source of tax help in Provo
  during the process.

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3.Abatement

• Similar to an effective tax administration offer
  in compromise, a penalty abatement helps
  taxpayers that can pay the liability owed but
  believe they should not be held responsible for
  the penalties. In a nutshell, a penalty abatement
  applies to those influenced by situations out of
  their control. Situations that apply include
  divorce, illness, theft, loss of a loved one,
  natural disaster, and incarceration. IRS
  attorneys, CPAs, and enrolled agents in Provo are
  familiar with the IRS formula and the art of
  persuasion and can help individuals use their
  difficulties to their advantage.