The IRS announced that it will not be looking for less future income in its attempt to help taxpayers resolve their back taxes through an Offer in Compromise. The changes include:
- Increasing the threshold for a Notice of Federal Tax Lien filing to $10,000
- Creating a Streamlined Offer-In-Compromise Process
- Reducing the future income amount factored into the taxpayer’s Offer-In-Compromise RCP calculation
- Increasing the Streamlined Installment Agreement amount from $25,000 to $50,000
- Increasing the allowable household expenses to cover credit card minimum payments
- Allowing federally guaranteed student loan payments
- Allowing for the withdrawal of the federal tax lien in certain circumstances
Leave a Reply
Your email is safe with us.
You must be logged in to post a comment.