Offers in compromise.
Author | Laffie, Leslie S. |
Position | FROM THE IRS |
According to IR-2007-50, the IRS has issued a revised application for an offer in compromise (OIC) (Form 656). An OIC is an agreement between a taxpayer and the Service that resolves a tax liability. Under certain circumstances, the IRS has the authority to settle Federal tax liabilities by accepting less than full payment.
The Form 656 package was last revised in 2004 to help taxpayers correctly and completely prepare an OIC and reduce its chances of being returned for omissions. The new form retains the taxpayer burden-reduction features, while adding significant changes as a result of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA). These changes include:
* New payment terms and submission rules;
* A new matrix to assist in determining the number of Forms 656, $150 application fee(s) and TIPRA payments to submit to the Service, depending on the number of individuals submitting the offer and the types of liabilities being compromised;
* A checklist, redesigned as a result of the TIPRA, to help taxpayers determine if they are eligible to file an OIC...
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