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IRS Fresh Start Initiative: State or IRS Offer in Compromise (656B) changes - DWK Tax Group
IRS Form 656B, IRS Offer in Compromise Booklet has some changes worth sharing. Yes, the magic tax wand does exist however, certain factors must fall into place prior to realizing a successful State or IRS Offer in Compromise.
By: DWK Tax Group
As recent as January 2014 the IRS revamped the IRS Offer In Compromise booklet. What was considered legal information the everyday taxpayer was not aware of, now the “tricks” are not so hidden. “As an economic hardship specialists, it is imperative for your representation to leave no stone unturned.” says IRS Enrolled Agent and Managing Partner Andrew Kai Hatchie Jr., the IRS Enrolled Agent goes on to further say, “Circumstances are often controllable, however, should financial or tax circumstances become unmanageable, at that point perhaps it is time to bring in a tax professional.”
DWK Tax Group is sharing some of its IRS Offer in Compromise observations worthy of note:
IRS Offer in Compromise processing has been taking 3 months for review and consideration. Normally the review process took 9 to 12 months as recent as a year ago.
All tax collection enforcement stops both Federal and State submissions.
An additional $200.00 is allowed for vehicle operating costs of automobiles older than 5 years or have accumulated more than 75,000 miles.
A fair market value of $3450.00 is credited to the taxpayer for each vehicle.
Low income certification no longer requires installment payments to be made while offer in compromise is under review.
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Andrew Hatchie Jr.