Stricter guidelines for IRS offer in compromise program
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 tax-debt settlement agreement.
If taxpayers haven’t filed, the IRS rejects the offer outright and keeps the down payment, which can be as high as 20 percent of the offer amount.
For more information on this topic, contact a ShindelRock tax professional today.