OIC

March 25, 2014

Will Offer in Compromise affect criminal tax liability?

The IRS may compromise any civil or criminal tax controversy as long as it has not been referred to the Department of Justice for prosecution or […]
March 25, 2014

Objectives of the IRS Offer in Compromise Program

Effect collection of what can reasonably be collected at the earliest possible time and at the least cost to the government; Achieve a resolution that is […]
March 25, 2014

What are the ways Offers in Compromise can be paid

1. Lump Sum Cash Offer – in which the amount offered will be paid in five or fewer installments upon written notice of acceptance. The advantage of […]
March 25, 2014

When will the IRS entertain an Offer in Compromise?

The IRS has the authority to compromise any civil or criminal tax liability before the case has been referred to the Justice Department for prosecution or […]
March 25, 2014

Form 433-A (OIC) Collection Information Statement with OIC

The function of the Form 433-A (OIC) is to determine the appropriate offer amount based on the taxpayer’s assets, income, expenses, and future earning potential. Generally, […]
March 25, 2014

Prerequisites to obtaining an Offer in Compromise

SOURCE OF FUNDS The taxpayer must make the IRS aware of how they are going to obtain the cash necessary to pay for their Offer. IN […]