10 Thoughts on Tax Offer in Compromise

Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you.

1. If you are unable to pay a tax debt in full, if the taxpayer establishes to the satisfaction of the IRS that he either: has no means of paying the tax, or does not actually owe the tax--and an installment agreement cannot be worked out--the IRS strives to resolve the taxpayer's tax debt.

2. Under certain circumstances, you may be able to take advantage of the offer in compromise (OIC), but there are hurdles to overcome before the Internal Revenue Service accepts less than full payment. To date, taxpayers who have gone through the Offer in Compromise program to settle their tax bill have saved millions of dollars.

3. An OIC delinquent tax settlement is an agreement taxes owed for less than the full amount of taxes due. It's a complex decision and a tax attorney is needed for his extensive expertise in planning, preparing, negotiating and even appealing rejections.

4. IRS Code Sec. 7122 gives the IRS power authority to settle--compromise--federal tax liabilities. Exceptional circumstances sometimes exist that allow the IRS to consider an OIC program for the taxpayer. For example, a taxpayer must demonstrate that collection of the tax would create an economic hardship or would be unfair and inequitable.

5. Very few offers were accepted in the past, because the standards were almost impossible to meet before a tax debt was legally compromised. Recent tax legislation has given new hope to taxpayers who were previously disqualified.

6. In the past the IRS really did not want to encourage OIC's. Prior to 1992 the IRS has been reluctant to settle tax liabilities, but with mounting uncollected taxes, the IRS has decided to go easy on the growing number of cases it sees.

7. Today, the OIC program is one of the best tax resolution tools available to taxpayers. The IRS will accept an OIC when it looks unlikely that the taxes will be collected; but before that happens a good tax person must know and carefully navigate virtually every key regulation involved.

8. After all taxpayer avenues are explored and different available payment options are reviewed, the IRS makes a "business" decision: they want to collect a partial payment rather than nothing at all. The IRS is thinking, "Is there is doubt that the taxpayer will ever pay the full amount of tax owed?"

9. An OIC amount "offered" by the IRS is the amount that they feel that they can reasonably expect to collect after reviewing-- and exhausting--the taxpayer's ability to pay. The IRS weighs the doubt as to liability and doubt as to whether the tax assessed is correct.

10. Beware of advertisements they claim to settle tax debts for "pennies on the dollar", allowing taxpayers to settle their taxes for less, or often much less than you owe (or what the government claims you owe). The IRS resolves less than one percent of all balance due accounts through an OIC agreement.

Kirt Durst
Dedicated to offering news, articles, and instruction on tax. You have a definite choice in organizing your financial affairs. Visit http://www.aidtax.com for more information.

In The News:

The new tax plan |India Today Insight  India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.
How to correct mistakes made at the time of paying income tax  Economic TimesAt the time of filing income tax return (ITR), if there is any income tax payable pending, then you are required to pay it before completing the process of ITR filing.
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California pot taxes tick up but miss initial projections  CityNews VancouverLOS ANGELES — When it comes to tax money from marijuana sales, California is living with diminished expectations. The state pulled in $74 million in ...
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Solution to India's economic malaise lies in cutting taxes and regulation  BusinessLineRather than lower the role of government, Modi has stepped up regulations and enforcement to draconian levels all to justify good governance.
Only startups with turnover of up to ₹25 cr eligible for tax holiday: CBDT  The HinduIt did not recognise the ₹100-crore turnover definition of a small startup put up by the Department for Promotion of Industry and Internal Trade.
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Scott Walker calls for more tax cuts to spur economic growth  Fox NewsFormer governor of Wisconsin Scott Walker called for additional tax cuts to spur economic growth, saying the recent cuts “continue to be good but you can do ...
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ITR forms with pre-filled investment data soon  Economic TimesPre-filled forms will soon be able to pick salary breakup directly from an individuals Form 16.
In Reversal, Trump Says He Is No Longer Considering Tax Cuts  The Wall Street JournalPresident Trump ruled out a cut in the payroll tax and also said he wasn't looking to reduce capital-gains taxes by indexing gains to inflation.
Larry Kudlow says there could be a tax cut before Election Day  CNBCTop White House economic advisor Larry Kudlow said Thursday that President Donald Trump could put forward a tax cut before the 2020 presidential election.
Policy | Put an end to tax terrorism  Moneycontrol.comAbhijit Kumar Dutta. The unfortunate death of Cafe Coffee Day founder V G Siddhartha last month has left an unlikely sufferer — the income tax department.
How a small tax-paying elite funds the Indian state  LivemintThe move to raise surcharges on the incomes of India's super-rich taxpayers has led to a barrage of criticism from tax experts who have questioned such ...
DTC panel's proposals may focus on cleaning up, making tax code more efficient, says A Prasanna  MoneycontrolThe focus of the Direct Taxes Code (DTC) panel, which has submitted its recommendations to finance minister (FM) Nirmala Sitharaman, is likely to be on ...
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Donald Trump considers tax cuts to stimulate economy  Financial TimesDonald Trump, the US president, said he was exploring a range of options for new tax cuts to stimulate the economy, revealing the administration's fears of a ...
Taxing times: Compliance complexity a big challenge for businesses  The Financial ExpressIndian businesses struggle with more than 9000 compliances and 600+ filings, and there have been more than 600 updates over the past year.
Trump Says He Has Authority to Reduce Capital Gains Taxes  The New York TimesWASHINGTON — President Trump said on Tuesday that he was considering giving investors a big tax cut that would primarily benefit the rich, and that he ...
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Sajid Javid will 'simplify' the tax system in first Budget  BBC NewsChancellor Sajid Javid has said he wants to simplify the tax system ahead of his Budget in the autumn. In his first interview since becoming chancellor, Mr Javid ...
Madison County business owner charged with multi-million dollar tax evasion  KMOV.comA Madison County business owner is accused of tax evasion.
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Google, Facebook unite with Trump to protest French tech tax  LivemintThe relationship between President Donald Trump and the largest US technology companies has often been frosty but a common opponent — France's plan to ...
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DTC panel suggests radical changes in income tax  Deccan HeraldIncome tax rates for individual tax payers will be much lower, surcharges on income will be a thing of the past and companies will not have to pay taxes on the ...
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Win A Ferrari Portofino, Taxes Paid For, Plus $20,000 In The Trunk  Motor1.comMotor1.com and Omaze are giving you the chance to win a brand new Ferrari Portofino with $20000 in the trunk.
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Democrats Cite 'Evidence Of Possible Misconduct' With Trump Tax Returns  HuffPostA whistleblower apparently contacted House Democrats this summer about potentially "inappropriate efforts to influence" an audit of the president.
Jammu traders demand extension of deadline for filing income tax, GST returns  India TodayCity-based traders' body Monday demanded an extension of deadline for filing income tax and GST returns as internet and other communication channels are ...
GST on electric vehicles, chargers slashed  BusinessLineThe Goods & *Service* Tax (GST) Council on Saturday decided to lower the duty on all electric vehicles (EVs) and the charger for such vehicles. This is the ...
Debt servicing: Govt cuts tax burden on stressed power plants  The Financial ExpressTen power plants had won 25-year coal linkages of 27.2 MTPA in the first round of Shakti auctions where bidders quoting the highest discount to its existing ...
Finance Ministry to cut tax on prize post PM nudge  Economic TimesNEW DELHI: The Finance Ministry has withdrawn the tax exemption it had granted to the cash prize of Rs 1.3 crore received through the Seoul Peace Prize by ...
As Mamata Slams Durga Puja Tax, Top I-T Officer Says Clamour Based on 'Misleading Facts'  News18Kolkata: Income Tax officials have rubbished West Bengal Chief Minister Mamata Banerjee's claim that the I-T department had issued notices to Durga Puja ...
Cut taxes to reduce entrepreneurs’ burden: Kotak Mahindra AMC MD Nilesh Shah  The Financial ExpressOur market is currently compartmentalised in four parts. Super large-caps are trading above their historical average. Large-caps are trading around their ...
'Woo Private Sector, Keep Corporate Tax At 10%'  BW BusinessworldToday, the private sector feels harassed. They, instead, need to be wooed. So many people are going abroad. Create incentives for them. Corporate taxes ...
All tax letters, notices to carry identification numbers to be verifiable online from Oct 1, 2019  Economic TimesStarting October 1, 2019, all letters and notices from the income tax department will carry a computer-generated Document Identification Number (DIN) which will ...
Freedom from tax burden for angel funds  Economic TimesExemption from angel tax even if assessment order was passed before February 19.
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Govt looks to exempt foreign portfolio investors from higher taxes: Report  Business StandardThe Centre is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Union Budget approved by Parliament but heavily criticised ...
David Ahrens  Madison.comMadison residents have had to absorb a 40% increase in water fees in the last two years. Our water is now among the most expensive in the state, in part.
Iconic Brooklyn Pizzeria Reopens, Works Out New Tax Payment Plan With State  CBS New YorkNEW YORK (CBSNewYork) – Pizza lovers all over New York are rejoicing. New York's tax collectors shut down one of Brooklyn's most iconic pizza spots two ...
Amazon is under scrutiny for not paying federal income taxes. Here's how it got its tax burden down to less than $0.  Business InsiderAmazon recorded a net federal tax credit for 2017 and 2018 and the company has paid a low tax rate for years. Here's how it did it.
10 reasons why you may get a notice from the income tax department  Economic TimesYou may anytime come under the taxman's lens. Here are 10 reasons taxpayers can get an income tax notice.
Income tax notices without a unique ID will soon be treated invalid. 5 points  LivemintThe new rules for issuance of income tax notices with unique IDs will come into effect from October.At present, some notices are issued manually without any id ...
Retain tax sops for genuine R&D  Economic TimesEven as the Direct Tax Code's call to prune tax exemptions is unexceptionable, it would be sensible to retain those for research and development (R&D).
ITR Filing 2019: 5 incomes you must not miss to report in your Income Tax Return for AY 2019-20  The Financial ExpressIt is advisable to be extra careful while filing income tax return this year as even a small mistake can result in the issue of a notice from the Income Tax ...
Famed Brooklyn pizzeria Di Fara shuttered over unpaid taxes  New York Post The restaurant owes $167506.75 in unpaid taxes, according to the State Department of Taxation and Finance.
Tax notices to soon carry an identification number  LivemintDIN is likely to improve transparency and bring down the processing time of notices.DIN won't be limited to new tax notices. It will also be issued to all the ...
Still hopeful of govt lowering 18% tax on biscuits costing less than Rs 100 a kg: Mayank Shah, Parle Products  Economic TimesNow with the honourable prime minister stepping in, we are very hopeful that there would be immediate action on the GST slab for biscuits below Rs 100 per kg.
ITR filing: TDS related queries answered by income tax department  Economic TimesAt the time of filing your income tax return (ITR) it is important to ensure that all TDS-related details are correctly filed in the form. Consequently, questions ...
Have you filed your income tax return correctly? Find out  Economic TimesHere's a short quiz to help you understand if you are on the right track to file your income tax return.
Income Tax Department conducts searches at Oberoi Realty, Capacite Infra  MoneycontrolConfirming the development, a senior official of the I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi and also of ...
Idaho gets the most tax bang for its buck  Idaho County Free PressIdaho County is high on the list for getting the most bang for its tax dollars.
Don’t leave your spouse with a massive tax bill when you die  MarketWatchIf you are wealthy enough to be exposed to the federal estate tax, you can usually minimize it or even avoid it entirely with some advance planning.
Do All Seniors Pay Taxes on Their Social Security Benefits?  The Motley FoolWhether you'll be taxed on your benefits in retirement depends on where you live and what your total income looks like.
Red Meat Could Be the Next Sin Tax After Sugar, Fitch Says  BloombergMeat could be a target for higher taxes given criticism of the industry's role in climate change, deforestation and animal cruelty, according to a report by Fitch ...
IRS begins tax clampdown on unreported cryptocurrency profits  ZDNetIf you've been trading but not declaring, the tax *service* might be on your case.
France says ‘crazy’ that Apple and others get ‘permanent tax haven status’  9to5MacFrench President Emmanuel Macron has defended France's decision to impose a 3% tax on the local revenues of Google, Apple, Facebook, and Amazon.
Using tax money to bail out a slowing economy is antithetic to market economy: CEA Subramanian  MoneycontrolSubramanian also said that the possibility of a situation where profits are private and losses are socialised is an anathema to the way a market economy ...
Textile companies seek tax incentives, DBT for farmers  Economic TimesNEW DELHI: Indian textile and clothing industry players say one-third of their production capacity is lying idle due to sluggish exports, poor domestic demand, ...
Online platforms, CAs arent responsible for wrong income-tax filing  Business StandardFor filing income-tax (I-T) returns this year, say, you take services of an online tech platform. The platform makes a mistake, which doesn't catch your attention at ...
These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes  Bitcoin NewsTax season is months away, which is why you need to start preparing for it now. Leave everything to the last minute and you'll only end up cursing your.
HC declines interim stay on transfer of income tax case against Karti Chidambaram to special court  Economic TimesCHENNAI: The Madras High Court on Wednesday refused the plea of Congress MP Karti Chidambaram and his wife for interim stay on the transfer of an income ...
Higher tax surcharge on super-rich: FPI lobby sends wishlist to government  MoneycontrolWith the issue of higher tax surcharge proving to be a thorn, a lobby of FPIs has urged the government to use information on beneficiaries to identify them and ...
Can children’s school fees paid by the employer be claimed for tax deduction?  MoneycontrolStrictly speaking, since the fee has been paid by the employer, it does not satisfy the condition of 'paid by the individual' and hence should not qualify for a ...
Should turning 65 exempt you from paying property taxes? This proposal would  AZCentralAn initiative makes the case that Arizonans should qualify for tax relief not by class or income but solely by age. If only backers had a good case.
Income Tax raids on Oberoi Realty group, its vendor Capacit’e Infraprojects  Economic TimesMUMBAI: The Income Tax (I-T) Department on Tuesday carried out searches at Oberoi Realty group and its biggest vendor Capacit'e Infraprojects for suspicious ...
This is exactly how much a payroll-tax cut would help the average American  MarketWatchA simulation by the Urban-Brookings Tax Policy Center explored tax measures that could help mitigate the effects of a recession.
Don’t Ban Assault Weapons—Tax Them  The AtlanticThe nation is debating what to do about assault-style weapons, what gun-rights advocates like to call modern sporting rifles. Gun-rights champions argue that ...
How to show your trading and F&O income in the tax returns?  BusinessLineBL Research BureauFor traders, aside from predicting the stock market, reporting income from intra-day trading or Futures & Options (F&O) in the tax ...
Atlantic City taxes, Airbnb property concerns aired at council meeting  Press of Atlantic CityATLANTIC CITY — Concerns and frustrations over a surprise tax increase on property owners as well as code enforcement of sober-living homes and short-term ...
IRS Warnings to Bitcoin Traders Offer Clues to Coming Tax Guidance  CoinDeskThe Takeaway: The IRS' recent warning letters to 10,000 traders offer hints at what its forthcoming guidance on crypto taxes might say. While the letters are not ...
Tax terrorism: Embedded in laws & practice  Business StandardRead more about Tax terrorism: Embedded in laws & practice on Business Standard. Blaming tax officials will not help us get to the root of the issue.
Trump Sows Confusion With Remarks On Guns And Taxes  NPR Illinois | 91.9 UISNPR White House reporter Ayesha Rascoe (@ayesharascoe) joins Here & Now's Tonya Mosley to discuss the fallout from President Trump's recent.
Facebook, Amazon and Google call French digital tax discriminatory and retroactive  FirstpostThe proposed three percent tax on total annual revenues of companies that provide services to French consumers applies only to the largest tech companies.
Senior Citizen Day: TDS and other tax benefits available exclusively to senior citizens  The Financial ExpressFor income tax purpose, a senior citizen is an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.
House Democrats say whistleblower bolsters case for getting Trump's tax returns  POLITICOA whistleblower recently made “credible allegations” to the Ways and Means Committee of potentially wrongful interference with the IRS' presidential audit ...
You might need to maintain tax returns records for seven years  LivemintIn today's digital age, income tax records can be maintained at little or no expense for long periods of time in a digital format. However, it is important to know the ...
Added Import Taxes in USA will Only Help Samsung, Tim Cook tells Donald Trump  News18US President Donald Trump has praised Apple CEO Tim Cook for "making a good case" that tariffs on China will help Samsung gain more as it is based in South ...
Trump sues over California law forcing candidates to turn over tax returns  CNNPresident Donald Trump sued California Tuesday challenging a state law that requires candidates for president to disclose income tax returns before they can ...
Opinion | Let the system tell you your capital gains tax  LivemintA government plan to pre-fill income tax return forms online with details of your capital gains could ease your compliance burden. In time, its coverage could ...
Direct Tax Code 2.0: Proposed changes will bring cheer for individual taxpayers  The News MinuteThe current Income Tax Act has as many as 700 clauses /sections, and the Direct Tax Code 2.0 will aim at bringing this number down by a considerable margin.
Palestinians say Israel agreed to partial payment of overdue taxes  The Times of IsraelPA minister says Ramallah exempt from paying fuel tax under NIS 2 billion agreement reached in bid to ease severe economic crisis.
Madras HC rejects Karti Chidambaram's plea in tax evasion case  India TodayThe Madras High Court on Wednesday rejected Karti Chidambaram's plea seeking an interim stay in income tax evasion case. Karti and his wife are in the dock ...
Indian markets may extend gains on hopes of tax relief for companies  LivemintIndian stocks markets may extend gains on Tuesday tracking global peers while a government panel mulls tax relief for companies. Asian equities rose further ...
Do I have to pay tax for the capital gains earned by my homemaker wife?  Economic TimesMy wife is a homemaker and she has invested Rs 40,000 of her savings in stocks. If she sells these stocks and earns short-term capital gains, will I have to pay ...

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