{"id":353,"date":"2012-08-04T10:23:06","date_gmt":"2012-08-04T15:23:06","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=353"},"modified":"2024-11-23T08:32:11","modified_gmt":"2024-11-23T13:32:11","slug":"more-flexible-offer-in-compromise-terms-help-taxpayers-make-a-fresh-start","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=353","title":{"rendered":"More Flexible Offer-in-Compromise Terms Help Taxpayers Make a Fresh Start"},"content":{"rendered":"


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Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Summertime Tax Tip 2012-02<\/h3>\n

Inside This Issue<\/h3>\n

The IRS has expanded its \u201cFresh Start\u201d initiative by offering more flexible terms to its Offer-in-Compromise Program. These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker.<\/p>\n

An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer\u2019s tax liabilities for less than the full amount owed. An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer\u2019s income and assets to determine the reasonable collection potential.<\/p>\n

This expansion of the \u201cFresh Start\u201d initiative focuses on the financial analysis used to determine which taxpayers qualify for an OIC.<\/p>\n

Here are the OIC changes:<\/p>\n