What’s the Offer in Compromise pre qualifier?
IRS has a direct site directly to prequalify a taxpayer and asks for status, basic information, assets, income, expenses, proposal. We will be helping you get started, but first you will need to schedule a consultation and understand more about your situation.
4 reasons the IRS will pre qualify you?
Ability to pay:
The IRS needs to check the taxpayer’s ability to pay to determine the right relief programs that they could offer.
Income
Income is one of the crucial criteria in pre-qualifying for Offer in Compromise. A taxpayer’s income can determine if they can realistically resolve their tax obligations. Depending on their income range, the IRS could also determine the appropriate options for their tax debt resolution.
Expenses
- The IRS also checks the taxpayer’s essential living expenses such as housing, transportation, and other necessities. This evaluation will help the IRS know the taxpayer’s realistic financial capability and will determine the appropriate assistance to recover from tax debt.
Asset equity
- To assess the taxpayer’s overall financial capability, the IRS also evaluates the assets such as properties, investments, and possessions. This criteria will assist the IRS in ensuring a well-rounded and comprehensive understanding of whether the taxpayer is genuinely facing financial difficulties.
What’s the Offer in Compromise pre qualifier?
You’re eligible to apply for an Offer in Compromise if you:
- A taxpayer should have filed all of the required tax returns and made all of the necessary estimated tax payments.
- Is currently NOT in an open bankruptcy case
- Must have a valid extension if applying for the current year tax filing
Thank you for trusting Global Gate CPA to help you during a tough financial situation. You are not alone, millions of Americans are going through hardship and a way to get this fixed is by scheduling a consultation with our tax specialists.
– Safwan, owner of Global Gate CPA