IRS Announces More Flexible Offer-in-Compromise Terms
Posted on Wed, May 23, 2012 @ 09:31 AM
Great news from the IRS as they announced yesterday the expansion of their "Fresh Start" program. The program is designed to help struggling taxpayers clear up their tax issues and now with the offering of more flexible terms to it Offer in Compromise program, distressed taxpayers may be able to clear up their tax debt more quickly.
The announcemnt focuses on the financial analysis used in determinging who qualifies for an Offer in Compromise. This new development will now enable certain taxpayers the ability to resolve their debt in as little as 2 years compared to 4 or 5 years in the past.
In qualifying situations, the changes that were announce yesterday include:
- Revising the calculation for the taxpayer’s future income.
- Allowing taxpayers to repay their student loans.
- Allowing taxpayers to pay state and local delinquent taxes.
- Expanding the Allowable Living Expense allowance category and amount.
For the complete IRS press release, please click HERE.
For questions about this new development and how it may assist with a TAX RESOLUTION, please call us at 888-411-LEVY (5389)) and someone from our A+ BBB Rated staff will be happy to assist you. You can also feel free to fill out the form to the right and someone will contact you ASAP.