{"id":737,"date":"2020-03-12T15:46:38","date_gmt":"2020-03-12T15:46:38","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=737"},"modified":"2020-03-12T15:46:43","modified_gmt":"2020-03-12T15:46:43","slug":"irs-announces-waivers-offer-compromise-applications","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-announces-waivers-offer-compromise-applications\/","title":{"rendered":"IRS announces waivers for Offer in Compromise applications"},"content":{"rendered":"<p>IR-2020-55, March 12, 2020<\/p>\n<p>WASHINGTON \u2014 The Internal Revenue Service today announced the release of\u00a0<a title=\"final regulations (user fees for offers in compromise)\" href=\"https:\/\/www.federalregister.gov\/documents\/2020\/03\/13\/2020-05115\/user-fees-for-offers-in-compromise\">final regulations<\/a>\u00a0that increase the Offer in Compromise application fee to $205 and provide an additional way for the IRS to waive the Offer in Compromise application fee for low-income taxpayers, based on their adjusted gross income (AGI).<\/p>\n<p>An\u00a0<a title=\"Offer in Compromise (OIC)\" href=\"https:\/\/www.irs.gov\/payments\/offer-in-compromise\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"c5fc1031-77af-4cc5-a088-883b5dd81568\">Offer in Compromise (OIC)<\/a>\u00a0is an agreement between a taxpayer and the IRS to settle a tax debt for less than the full amount owed. Generally, it may be an option for taxpayers who can&#8217;t pay their full tax debt, or if doing so would create a financial hardship. The IRS considers the taxpayer&#8217;s overall financial circumstances when considering an OIC in an effort to administratively resolve the amount due.<\/p>\n<p>Applicants who meet the definition of a &#8220;low-income taxpayer&#8221; receive a waiver of their OIC application fee. A new provision from the\u00a0<a title=\"Taxpayer First Act\" href=\"https:\/\/www.irs.gov\/taxpayer-first-act\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"bfd30665-e999-4ec7-9a0f-7bed0d4a69df\">Taxpayer First Act<\/a>\u00a0provides an additional way for low-income taxpayers to qualify for a waiver of the OIC application fee.<\/p>\n<p>Normally, the IRS determines if taxpayers fall at or below 250% of the poverty level by looking at their household&#8217;s size and gross monthly income. The new law provides an additional standard for the IRS to use in making the calculation. The IRS will now also look at a taxpayer&#8217;s AGI from the most recent tax return to determine whether it is at or below 250% of the poverty level.<\/p>\n<p>Taxpayers with an outstanding tax debt are encouraged to timely respond to IRS notices and should not ignore correspondence received from the IRS. Taxpayers with an outstanding tax debt should contact the IRS at the phone number set forth in the notice, online or by visiting a local Taxpayer Assistance Center (TAC) \u2013 a listing of local TACs is available at IRS.gov. Taxpayers may also seek assistance from the Taxpayer Advocate Service (TAS). Contact information for TAS is available online, including a listing of local TAS offices.<\/p>\n<p>For more information, see\u00a0<a title=\"Offer in Compromise\" href=\"https:\/\/www.irs.gov\/payments\/offer-in-compromise\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"c5fc1031-77af-4cc5-a088-883b5dd81568\">Offer in Compromise<\/a>\u00a0on IRS.gov.\u00a0\u00a0https:\/\/www.irs.gov\/newsroom\/irs-announces-waivers-for-offer-in-compromise-applications<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2020-55, March 12, 2020 WASHINGTON \u2014 The Internal Revenue Service today announced the release of\u00a0final regulations\u00a0that increase the Offer in Compromise application fee to $205 and provide an additional way [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-737","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS announces waivers for Offer in Compromise applications - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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