Facts That You Need To Know About The IRS Tax Resolution Software
The collection of income taxes basically falls under the supervision of the IRS or the Internal Revenue Service. Still, a lot of people actually owe the IRS a lot of money when it comes to their overall tax count. If someone owes the IRS a large sum of money, that means they’re in trouble. Getting out of this situation can be pretty difficult which is why it’s important that they hire the right professional to help them out. Enrolled agents, CPAs, and tax attorneys are usually the ones that they hire. They have the legal position to represent their clients 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. That said, you’ll usually want to go with the Offer in Compromise. The reason for that is because the client will have a better chance of handling the Offer in Compromise in terms of budget. Still, you should know for a fact that this choice still has pros and cons. The offer in compromise means being able to lower the client’s tax liability by a huge amount. However, you should know that the IRS will have to gain access to the current assets of the client. The CRM tax resolution logics also make sure that the taxes of clients are always monitored. At times, the offer will be rejected by the IRS. 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.
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. That said, the challenge comes with ensuring that your client will be among the 15 to 20 percent. 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 able to help your client to the best of your ability is necessary which is why you’ll want to make sure that you can utilize the tax resolution software in addition to your knowledge as a CPA or tax attorney.
There are still people out there who tend to prepare their Offer in Compromise in a manual phase.