Small Business Resources, Business Advice and Forms from AllBusiness.com

Offers in Compromise.

By Laffie, Lesli S.
Publication: The Tax Adviser
Date: Saturday, May 1 1999

IR-99-30 provides that the IRS intends to expand the Offer in Compromise program to feature more straightforward rules, increased flexibility by key agency employees and fewer offer rejections. Less financial documentation will be required for smaller offers and new deferred payment procedures

will be available. Specially trained IRS experts will handle offers; independent reviews will be available for rejected offers.

Changes will also be made to Form 656, Offer in Compromise. Regulations are expected to create a new category of compromise offer focusing on equity and hardship factors.

In addition, make sure to read these articles:

  • Offers in compromise
    • HEADNOTE IRS Updates OIC Submission and Processing Procedures Rev. Proc. 2003-71, IRB 2003-36, Sept. 8, 2003 updates the procedures for submitting and processing OICs, reflecting ......
  • Offers in compromise: IRS updates OIC submission and processing procedures.
    • Rev. Proc. 2003-71, IRB 2003-36, Sept. 8, 2003 updates the procedures for submitting and processing OICs, reflecting tax law changes made by the 1998 IRS ......
  • Notice 2006-68
    • The Internal Revenue Service and the Department of the Treasury are currently revising Form 656, Offer in Compromise, and developing regulations under section 7122 of ......
  • IRS will accept offers in compromise without counsel's ok.
    • As a result of changes made to the offers in compromise program in 1992, the number of offers and acceptances has increased greatly. Offers in ......
  • IRS revises offer in compromise application
    • The Internal Revenue Service announced that its revised taxpayer application for an offer in compromise, the Form 656 package, is now available. An offer in ......
  • Personal Representative Who Relied on Attorney Was Not Liable for Estate's Unpaid Taxes.
    • In 1989, C died. Because C had no close family members, his friend T agreed to act as personal representative for C's estate. T had ......
  • NEW WEB TOOL HELPS YOU APPLY FOR OIC.
    • The IRS has debuted a new tool on its Web site to help customers apply for relief with an offer in compromise. The interactive application ......
  • New Web tool helps you apply for OIC
    • The IRS has debuted a new tool on its Web site to help customers apply for relief with an offer in compromise. The interactive application ......
  • IRS revises offers in compromise.
    • The Service has made significant procedural and substantive changes to its Offer in Compromise Program. These changes are reflected in the IRS's revised Form 656, ......
  • Offers in compromise
    • At the January meeting of the IRS National Public Liaison Meeting, an update on the status of Offers in Compromise was presented by Lenny Cutler, ......
  • Rules change for 'offers in compromise'
    • Taxpayers submitting offers in compromise will be required to pay up front, under a provision in a new law that went into effect on July ......
  • IRS will clarify parts of offer-in-compromise program.
    • Under IRC section 7122, the IRS can compromise with taxpayers on a tax liability via the offers-in-compromise procedures. The IRS can compromise civil liabilities on ......
  • Offers in compromise.
    • An Offer in Compromise (OIC) is a settlement of a delinquent tax account for less than the full amount due. Acceptance of an OIC on ......
  • Getting out of an IRS mess.
    • Q I owe more than $20,000 in back taxes. I have been looking to do an installment agreement, but I also wanted to know if ......
  • Capitol corridors.
    • Tax practitioners are well aware of the difficulty taxpayers face when filing an offer in compromise. IRS statistics have shown the longstanding truth - that ......
T T T
art_print_gray Print art_email Email 16x16-digg-guy  Digg It delicious-small  del.icio.us

Business Resources

Sponsored Links

Site Map | Contact Us | FAQs | About Us | Media Kit | Reprints | RSS Directory | Sign Up for Free Newsletters | Disclosure Policy

Copyright © 1999 - 2008 AllBusiness.com, Inc. All rights reserved.
No part of this content or the data or information included therein may be reproduced,
republished or redistributed without the prior written consent of AllBusiness.com.
Use of this site is governed by our Copyright and Intellectual Property Policy, Terms of Use Agreement and Privacy Policy.

© Copyright 2008 The Gale Group, Inc. All rights reserved.
© Copyright © 1999 American Institute of CPA's


You may not repost, republish, reproduce, package and/or redistribute the content of this page,
in whole or in part, without the written permission of the copyright holder.

Get In-Depth Company Information from Hoover's | Buy a D&B Credit Report | What is in Your Company's D&B Credit Report? | Article Archives
Online Business Database | Online Business Information | Email Marketing Lists | Sales and Marketing Solutions | Business Mailing Lists
Information and opinions on AllBusiness.com solely represent the thoughts and opinions of the authors and are not endorsed by, or reflect the beliefs of,
AllBusiness.com, its parent company D&B, and its affiliates.