IRS Simplifies Offers-In-Compromise Program
The Internal Revenue Service has announced a simplification of it's Offers-In-Compromise program, a program instituted in situations where individuals want to pay the tax they owe, but can't afford to make good on the entire liability.
The IRS has indicated in a news release that it will offer taxpayers a new payment option providing for fixed monthly payments over the life of the agreement, which can run for as long as ten years. The old system required complex calculations which could be adjusted up to four times a year, making it difficult for taxpayers to budget their required payments.
It is hoped that the new payment method will increase collections, and position the IRS in a much more positive light with the American taxpayer.
"This is a common-sense approach for everyone involved," IRS
Commissioner Charles O. Rossotti said. "The change eliminates headaches and uncertainty for taxpayers and tax practitioners by simplifying the process."
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