When you owe the IRS for back taxes, allowing our San Francisco area experts to help you apply for an offer in compromise, or OIC, can potentially provide some very real relief for your tax issues. Continuing to make mistakes while waiting for your offer to come through, though, can cause more severe problems than before. Fortunately, the Paramount Tax Relief team is here to help you avoid tripping into common pitfalls.
Don’t Add to Your Tax Debt
As our experts will tell you, it can take a while for your OIC to come through–up to a year or more, depending on your circumstances. While you wait to hear about your application, you should make every effort to stay on top of your current taxes. Filing and paying on time will prevent new debt from compounding with your existing debt and creating new problems.
Stay on Top of Your Taxes After Acceptance of Your Offer
Once you get acceptance of your offer, it hinges on your effort to file and pay your taxes promptly moving forward. Filing and paying your taxes is something you should always do, of course, but failing to do so while navigating an OIC can lead to the offer being revoked; this makes it positively crucial that you toe the line following your offer.
Be Realistic in Your Offer
Our tax professionals near San Francisco can help you to formulate an offer that is simultaneously realistic and approachable. If you lowball the IRS, you’re likely to be denied outright. At the same time, you do need to make an offer that you can realistically adhere to. Having an experienced team on your side can help you to form an offer that satisfies both sides and helps you to alleviate your issues as soon as possible.
To learn more about navigating the offer in compromise process, be sure to schedule a consultation with the team at Paramount Tax Relief. We invite you to contact us online or by calling (916) 533-9940 today.