The IRS or the internal revenue service is basically tasked to enforce and collect income taxes. That said, it’s also quite a fact that the IRS tends to find people who owe them a great deal of money. 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. Enrolled agents, CPAs, and tax attorneys are usually the ones that they hire. Having these professionals is necessary if the clients want to be legally represented to the IRS. These professionals will also be the one to make proposals to the IRS such as the Offer in Compromise, Injured Spouse Defense, Collection appeal and some more.
Being able to help your client is necessary if you’re one of the said professionals that they tend to hire. 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. While this choice may be optimal for the clients, you have to keep in mind that there are still benefits and disadvantages that come with it. Choosing the offer in compromise basically means that the client has the chance to lower their tax liability by a huge percentage. The downside of this is that the IRS will need access to the information about your current assets. Also, you have to know that taxes are always monitored with the IRS tax resolution CRM. Although this offer is the ideal for the client, it’s important to keep in mind that the IRS tends to reject this. It’s also the responsibility of the representative to ensure that their clients will know the results immediately. This is also needed to prepare their clients for any surprise visits from the IRS.
Knowing everything about the Offer in Compromise is necessary if you want to be able to properly represent your client. The IRS usually have an 80 percent decline rate when it comes to this kind of offer. Making sure that your client will be part of the acceptance range is your responsibility. When it comes to this matter, you should know how the tax resolution software can help you out. Being able to accurately analyze the situation of your client is one of the most useful functions that the tax resolution software can provide. 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.