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IRS Offer-in-Compromise Program Reduces Requirements & Raises Thresholds

The streamlined IRS offer-in-compromise program will decrease the required financial information from taxpayers in an effort to bring more of them into the program, Faris Fink, IRS Small Business/Self Employed Division commissioner, said Sept. 15.

Speaking at a tax controversy conference in Washington, Fink said IRS would raise the threshold to include individuals with an annual household income of $100,000 and less than $50,000 in tax liability.

The new program allows greater flexibility in considering an individual's ability to pay, he said. “It truly is a departure from past practice to open that program up a little wider in a less abrasive fashion in our centralized sites.” In addition, documentation and verification requirements have been reduced.

Fink said the program is geared toward wage earners who are unemployed and struggling, and self-employed individuals who have no employees.

Furthermore, Fink said, IRS has adopted the “novel” approach of calling people to get additional information instead of sending them letters. This has immeasurably cut down the time needed to process offers, he said.

Read more at: Tax Times blog

 
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