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This is appropos. I must have had a dozen people telling me theyu are working on an Offer In Compromise at the moment. None last year.
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----- Original Message -----
From: [email protected]
To: IRS News Release Service
Sent: Tuesday, February 03, 2004 7:15 AM
Subject: IR-2004-17 -- CHECK CAREFULLY BEFORE APPLYING FOR OFFERS IN COMPROMISE
IR-2004-17, Feb. 3, 2004
CHECK CAREFULLY BEFORE APPLYING FOR OFFERS IN COMPROMISE
WASHINGTON - The Internal Revenue Service today issued a consumer alert
advising taxpayers to beware of promoters' claims that tax debts can be
settled for "pennies on the dollar" through the Offer in Compromise
Program.
Some promoters are inappropriately advising indebted taxpayers to file an
Offer in Compromise (OIC) application with the IRS. This bad advice costs
taxpayers money and time. An Offer In Compromise is an agreement between a
taxpayer and the IRS that resolves the taxpayer's tax debt. The IRS has
the authority to settle, or "compromise," federal tax liabilities by
accepting less than full payment under certain circumstances.
"This program serves an important purpose for a select group of taxpayers.
But we are increasingly concerned about unscrupulous promoters charging
excessive fees to taxpayers who have no chance of meeting the program's
requirements," said IRS Commissioner Mark W. Everson. "We urge taxpayers
not to be duped by high-priced promises."
The OIC may be considered only after other payment options have been
exhausted. If taxpayers are unable to pay their taxes in full, there are
other payment options, such as monthly installment agreements, that must
be explored before an OIC can be submitted.
The IRS.gov Web site contains complete information on the collection
process and payment options. Publication 594, The IRS Collection Process,
also provides helpful information on the options available to taxpayers.
Taxpayers also should review Form 656, Offer In Compromise, or Form 9465,
Installment Agreement Request, to determine if they qualify for either
payment program. Form 656 provides detailed instructions for submitting an
offer and includes all of the necessary financial forms.
Some taxpayers may be exempt from the $150 OIC fee depending on income or
whether the OIC is based solely on doubt as to tax liability. Taxpayers
who claim the poverty guideline exception must certify their eligibility
using Form 656-A, Income Certification for Offer in Compromise Application
Fee. The poverty guideline exception applies only to individuals.
All publications and forms are available at IRS.gov or taxpayers may order
copies by calling 1-800-829-3676. All publications and forms are available
free. Taxpayers may feel they need the assistance of a qualified tax
professional to prepare and submit an OIC. Taxpayers may contact local or
state tax professional associations for enrolled agents, CPAs or attorneys
to locate someone in their geographic area that has the education and
experience to assist them.
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