Businesses also may qualify for IRS’s offer in comprise program. This was setup to handle self-employed businesses who don’t realize that they should be paying taxes on their income. To qualify as a business for IRS’ Offer in Comprise for self-employed individuals, you must go through the IRS Form 656b to see if you qualify. Warning, the booklet is about 50 pages long.
Business Tax Relief
We have professional tax settlement specialists who have been working with the IRS for a number of years and have submitted hundreds, sometimes thousands of Offers in Comprise to assist you if you feel intimidated about the length of the book and the terminology.
To sum up the booklet, you basically have to enter all of your assets, which includes bank account balances, properties, cars and other valuables along with your liabilities, which includes credit cards, loans and other personal and business debt. The goal is to determine your net worth. The IRS will then use the number and determine whether or not you will qualify. Tax settlement professionals who have been submitting these IRS settlement offers for years know exactly what numbers the IRS will accept.