References in periodicals archive ?
The Service accepts an OIC when it determines that (1) the offer is submitted on the proper version of the form 656 and Form 433-A or B-, as appropriate; (2) the taxpayer is not in bankruptcy; (3) the taxpayer has complied with all filing and payments requirements listed in the Form 656 instructions; (4) the taxpayer has enclosed the application fee, if required; and (5) the offer meets any other minimum requirements established by the Service.
The Service has stepped up efforts for training employees as offer specialists and has made enormous strides in improving the program.
The offer does not reasonably reflect net equity in assets.
Accordingly, in cases in which an offer in compromise appears to be a viable solution to a tax delinquency, the Service employee assigned to the case will discuss the compromise alternative with the taxpayer and, when necessary, assist in preparing the required forms.
Practitioners should give new thought to recommending an offer in compromise proposal to the IRS if their clients cannot pay the tax liability in full or through a realistic payment agreement.