There are many myths surrounding tax debt, including the belief that anyone can get a tax debt reduction. Many fraudulent tax companies misuse tax debt reduction payment plans, such as the Offer in Compromise program to attract taxpayers into hiring their services. Before applying for a tax debt resolution plan, taxpayers should consult with a tax professional.
Tax resolution companies study and analyze a tax debt case before determining the right method to seek and achieve a tax resolution. Legitimate companies consider all the IRS requirements on debt payment plans before submitting any IRS program application.
A successful resolution of tax debt can be achieved only if a taxpayer fulfills all eligibility criteria of the IRS. A tax resolution company provides assistance in achieving a payment plan by preparing the case accordingly and representing the case before the IRS.
Tax debt reduction must only be sought when a taxpayer does not have the financial capacity to pay the entire tax debt amount. For a smooth and quick resolution, taxpayers must ensure that they choose the right tax help for tax debt reduction.