USA Tax Settlement - Best Tax Settlement Company

Tax Settlement Options in Huntington Beach, CA

Tax settlement is not as easy as it is claimed by some companies offering these services. Also, there are no promises that you’ll definitely get a tax settlement. However, there are certain tax settlement options in Huntington Beach, CA that may be fruitful.

Even if you have the resources to pay the taxman, the paperwork is still a nightmare. But it gets worse if you don’t have enough liquid resources to pay to the IRS. The revenue department has the ability to grab your assets. It can even draw money directly from your bank. 

Also, it is true that the taxman rarely spares anyone. Hence, you need to be proactive in your dealings with the IRS. But if you have a genuine case, you may still be able to get some sort of tax settlement. However, you’ll have to prove your case for it. 

Tax Settlement Options in Huntington Beach, CA

Offer In Compromise 

The famous and the most common option is that of ‘Offer in Compromise.’ 

Basically, if the IRS agrees, they may make a compromise on your overall tax liability. As a return, you may get a reduced tax liability. But you need to prove your distressing financial situation to get a settlement.

The overall process of securing an ‘Offer in Compromise’ (OIC) is usually very hectic. It involves a lot of paperwork, calculations and meetings. Normally, you do need professional help from a qualified tax relief firm to actually get an OIC. 

Steps to Get Offer in Compromise (OIC)

Generally, the following steps are involved in the process of getting an OIC.

  1. Make sure you are eligible for OIC. You may use the official website of the IRS to check your eligibility. Remember that OIC is not applicable to current year returns, but only to previous tax liability. Also, you cannot avail an OIC option if you are in bankruptcy.

  2. You need to submit an application for OIC. For individuals, it is done on 433-A form. For businesses, 433-B form is used.

  3. A separate 656 form is used for tax debt. More than one 656 forms may be used.

  4. Non-refundable application fee of $205 is to be deposited to the IRS.

  5. Another payment for each 656 form is also to be submitted to the IRS.

  6. Submit all documents as required with the application.

  7. You may choose a suitable option for future tax payments. It may either be in the form of lump sum cash payment or periodic installments. 

  8. The IRS may contact you for additional documents/ paperwork as it may deem necessary.

  9. Meanwhile, other collection activities stand suspended till the IRS reaches a decision on OIC application.

  10. The IRS may call you (or your representative firm) for additional inquiries. You may have to visit the IRS office several times over the course of your application.

  11. If your application is rejected, you may file an appeal using the form 13711.

  12. Remember that the whole process may take up to 02 years. 

While OIC is a suitable option for deserving candidates of tax relief, its award rates are very low. Only a handful of applicants actually get an offer in compromise. 

Monthly Installments 

Another tax settlement option in Huntington Beach, CA may be in the form of agreeing to the taxman to allow you installments of total tax liability. You still pay the whole amount, but over an extended period of time. As a result, monthly installments lower your financial burden. 

Remember that dealing with the IRS is always hectic. Weigh your options carefully. If you believe you have potential for substantial savings, hire a professional firm. A good tax settlement firm could multiply your chances of winning a case with the IRS.

USA Tax Settlement strives to help taxpayers get out from under their IRS tax debt. Unlike other so called Best Tax Resolution Companies in Huntington Beach, CA that charge outrageous fees and don’t deliver on their promises. USA Tax Settlement employs tax professionals, tax attorneys and IRS enrolled agents so we can provide IRS Tax Debt help in Huntington Beach, CA. Stop stressing over your tax debt and let our IRS Tax experts in Huntington Beach, CA settle your IRS tax debt for a fraction of a cost. USA Tax Settlement can help with various IRS Tax Relief Programs or Tax Debt Forgiveness Programs. If you need IRS Tax Relief in Huntington Beach, CA then call USA Tax Settlement today for a Free Consultation. Remember, having one of the Best Tax Relief companies in Huntington Beach, CA on your side is your best first step.

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