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Irs Offer in Compromise: Program
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The Offer-in-Compromise (OIC) has been around for a long time, but it wasn't until 1992 that IRS started really using the program in good faith. After the Revenue Reform Act of 1998, IRS became even more liberal with the OIC. At one point almost half of all Offers were being accepted. Unfortunately, in 2002, the IRS started getting tough on Offers and now only about 25% of all Offers are accepted. The main reason for the decline was the centralization of Offers at two IRS locations instead of them being worked locally at the district offices.
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The IRS Offer in Compromise program provides a great opportunity to solve serious back tax problems. Now, thanks to a remarkably user-friendly new package from offerityourself.com, you can prepare your own offer in compromise proposal. No longer do you have to pay expensive lawyer and accountant retainers just to submit your proposal to the IRS.
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The Tax Increase Prevention and Reconciliation Act of 2005 made significant changes to the IRS’s Offer in Compromise program. These new rules went into effect for all Offers in Compromise submitted after July 16, 2006. Perhaps the most significant change Read More . . .
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If you don't qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts.
Earlier this year, Congress attempted to enact a proposal as part of the Transportation Bill that would have modified the IRS Offer in Compromise (OIC) program. However, the provision was stricken from the final version of the Transportation Bill that passed the Congress just prior to its August adjournment. Nevertheless, this proposal may be considered for addition to other legislation that is pending in the Congress.
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