Tag: offer in compromise

Stricter guidelines for IRS offer in compromise program

  • April 25, 2017
  • Maria Montie, CPA, MST, CVA, MAFF

The IRS has traditionally allowed taxpayers some extra time to file all their required returns during the application process for an offer in compromise. However, a recent change requires taxpayers to file all their required returns before applying for this...

Understanding the IRS’s tax settlement programs

  • November 19, 2015
  • Mark Hughes CPA CFE

Last month, the Internal Revenue Service announced that its tax settlement programs have collected more than $8 billion from its Offshore Voluntary Disclosure Programs, as more than 54,000 taxpayers have come forward to own up to previously hidden foreign assets....

Michigan to institute offer-in-compromise program

  • November 6, 2014
  • Paul Carter CPA

On January 1, 2015, the State of Michigan will institute an “offer-in-compromise” program similar to the IRS. This program is intended for taxpayers with severe financial hardship and extenuating circumstances. It will allow taxpayers to request a tax debt settlement for...

New law will improve offer in compromise program for Michigan taxpayers

  • August 21, 2014
  • David Shindel

On June 27, 2014, Michigan Governor Snyder signed legislation to provide an offer in compromise program in Michigan for any tax administered under the Revenue Act. This is another big step in making Michigan and its tax collection agency more...