Tax Compromise Improvement Act Helps Struggling Taxpayers Enter into Offer in Compromise Agreements with IRS
Great news for troubled taxpayers! New legislation has been introduced to end Offer in Compromise down payments and make it easier for recession burdened taxpayers to enter into a tax settlement with the IRS.
Qualifying for the Offer in Compromise program can save taxpayers thousands of dollars in taxes, penalties and interest. Negotiating a compromise on your back tax deb is the closest thing to “amnesty” that the federal government offers and is an important alternative for Americans who have lost their jobs or are experiencing financial difficulties in this weak economy.
If enacted, the Tax Compromise Improvement Act of 2009 will eliminate the current requirement to pay a 20% non-refundable deposit of the amount of a cash offer when submitting an offer in compromise application.
The proposal will remove the provision enacted in 2006 that effectively blocked many legitimate offers when the taxpayer could have complied, but for the partial payment required with most offers.
This is great news for Americans seeking income tax relief. The Offer in Compromise program offers IRS assistance to individuals facing overwhelming tax debt during the economic downturn. While not everyone can qualify for this type of IRS help, we can expect more Americans than ever to qualify for the offer in compromise program in this ailing economy.
**If you owe back taxes or need income tax relief, our specialized staff of attorneys, CPAs, EAs and tax professionals can help. Visit the Tax Resolution Services web site for a free tax relief consultation or call us at 866-IRS-PROBLEMS.
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