Revamped Offer In Compromise Program Plays New Role In IRS Collection
Effective July 16, 2006, a new federal law changed the way the offer in compromise (OIC) program operates and its role in the IRS collection process. In general, this means that:
* Taxpayers submitting lump-sum offers must make a 20 percent nonrefundable, up-front payment to the IRS.
* Taxpayers submitting a periodic-payment OIC must make a nonrefundable, up-front payment, plus any other proposed payments that may be due, while the IRS is evaluating the offer, and
* An OIC application is deemed accepted if the IRS fails to act upon it within two years.
http://www.irs.gov/pub/irs-pdf/f656.pdf
Effective July 16, 2006, a new federal law changed the way the offer in compromise (OIC) program operates and its role in the IRS collection process. In general, this means that:
* Taxpayers submitting lump-sum offers must make a 20 percent nonrefundable, up-front payment to the IRS.
* Taxpayers submitting a periodic-payment OIC must make a nonrefundable, up-front payment, plus any other proposed payments that may be due, while the IRS is evaluating the offer, and
* An OIC application is deemed accepted if the IRS fails to act upon it within two years.
http://www.irs.gov/pub/irs-pdf/f656.pdf
posted by Milt Baker CPA | 12:48 PM
0 Comments:
Post a Comment
<< Home