IRS revises OIC Application.

• Position: News & Trends - Internal Revenue Service revises Offer in Compromise application - Brief article

The IRS has released a revised Offer in Compromise Form 656 package, adding significant changes as a result of the 2005 Tax Act, including:

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* New payment terms and submission rules;

* A redesigned checklist to help taxpayers determine if they are eligible to file an OIC; and

* OIC Application Fee and Payment Worksheet to determine eligibility for claiming exception to the payment of the $150 application...