Can taxes be settled by offering pennies on the dollar?
OFFER IN COMPROMISEs must include an amount equal to or greater than the total value of all assets, plus future income. That total is generally the reasonable collection potential amount, and not simply an offer of ten cents on the dollar, or a percentage of the debt. The IRS cautions that the OFFER IN COMPROMISE program is not designated to be a program for everyone with financial problems, and it should not be viewed as an invitation to avoid paying taxes.
OICs must include an amount equal to or greater than the total value of all assets, plus future income. That total is generally the reasonable collection potential amount, and not simply an offer of ten cents on the dollar, or a percentage of the debt. A consumer alert has been issued advising taxpayers to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar.” The IRS cautions that the OIC program is not designated to be a program for everyone with financial problems, and it should not be viewed as an invitation to avoid paying taxes. • You may qualify for a temporary delay or your case may be considered s significant hardship IRS can collect outstanding taxes for ten years. The ten year period is automatically extended for bankruptcy. Bankruptcy Filing a petition under the US Bankruptcy Code can often reduce tax debts. Consult an Attorney for more information The moment you file for bankruptcy ALL creditors must “stop” contacting you directly. The downs
OICs must include an amount equal to or greater than the total value of all assets, plus future income. That total is generally the reasonable collection potential amount, and not simply an offer of ten cents on the dollar, or a percentage of the debt. A consumer alert has been issued advising taxpayers to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar.” The IRS cautions that the OIC program is not designated to be a program for everyone with financial problems, and it should not be viewed as an invitation to avoid paying taxes. Source: www.irs.
OICs must include an amount equal to or greater than the total value of all assets, plus future income. That total is generally the reasonable collection potential amount, and not simply an offer of ten cents on the dollar, or a percentage of the debt. A consumer alert has been issued advising taxpayers to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar.
