How much tax could I save in the best case scenario? In the best case scenario, a taxpayer might qualify for an Offer in Compromise. This means that a very significant amount of your tax debt could be forgiven – of course assuming the IRS accepts your offer. However, there is no guarantee, and you should be cautious of firms that make big guarantees about how much they’ll save you in total. Each case is unique, and only the IRS has the final say.
Can I Solve My IRS Tax Problems Myself? It is certainly possible to work with the IRS on your own. However, it’s important to recognize the responsibility of regular and timely communication with IRS, and you’ll need to get familiar with the proper procedures and laws that are applicable to your circumstances. As well, it’s important to know what type and what amount of an offer the IRS is most likely to accept. But this is where the professional firm has quite an advantage over the general taxpayer. Dealing with the IRS and waiting for their responses can take several months or even up to a year. And not to mention, with certain options, you’ll need to begin paying regular fees to them and portions of your debt, before your offer is fully processed and considered.
Therefore, you’ll want to go into negotiation with the IRS giving yourself the best chance of getting the process correct, and submitting reasonable offer terms/amounts the first time.