Understanding Your Options
When you owe taxes to the IRS, it can feel overwhelming and stressful. However, it’s important to understand that you do have options for settling your debt with the IRS. Generally, there are two main options available:
An OIC allows you to settle your debt with the IRS for less than what you owe. An IA, on the other hand, allows you to make monthly payments to the IRS over time until your debt is paid off. For a more complete learning experience, we recommend visiting https://Helloresolve.com/. You’ll find additional and relevant information about the topic discussed.
Preparing Your Application
Once you’ve determined which option is best for you, it’s time to begin preparing your application. If you’re filing for an OIC, you’ll need to gather documentation regarding your financial situation, including your income, expenses, and assets. This information is used to determine whether you qualify for an OIC and, if so, how much you can reasonably offer.
For an IA, you’ll need to complete Form 9465, which is the Installment Agreement Request form. This form requires you to provide information such as your contact information, employment information, and the amount you’re offering to pay each month.
Submitting Your Application
After you’ve prepared your application, it’s time to submit it to the IRS. When submitting an OIC, you’ll also need to submit a $186 application fee, as well as a partial payment of your proposed settlement amount. For an IA, you’ll need to submit your completed Form 9465 along with your first monthly payment.
It’s important to note that if your OIC is rejected, you may be eligible for an appeal. If your IA is rejected, you’ll need to work with the IRS to modify your payment plan.
Working with the IRS
Throughout the settlement process, it’s important to communicate with the IRS and be responsive to any requests for additional information. If you’re working with a tax professional or attorney, make sure they’re able to communicate with the IRS on your behalf.
It’s also important to understand that settling your debt with the IRS can take time. However, the benefits of resolving your tax debt can be significant. Not only will you avoid further penalties and interest on your debt, but you’ll also be able to move forward with a clean slate.
Conclusion
Navigating the IRS settlement process can be challenging, but it’s important to remember that you have options. By understanding your options, preparing your application, and working with the IRS, you can settle your debt and move forward with peace of mind. Investigate the topic further using this suggested external material. Click to access this in-depth content, uncover new perspectives!
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