September 22, 2012 (Press-News.org) In March 2012 the Treasury Inspector General for Tax Administration issued a report showing that the Internal Revenue Service is not meeting its goals in processing requests made by taxpayers under the Offer in Compromise program. The TIGA's office conducted an audit of the OIC program after the National Taxpayer Advocate had reported from 2001 through 2009 that the OIC program was one of the most serious problems taxpayers encountered when dealing with the IRS. Taxpayers should be aware of what the OIC program is, how the OIC program can help those with tax debts and reasons the IRS is having trouble processing requests.
Offer in Compromise Program
The OIC program is a way for people with tax debts to settle their accounts with the IRS for less than the full amount they owe if paying the whole amount would create a financial hardship for the taxpayer. The taxpayer makes an offer for an amount he or she can afford and the IRS will generally approve the offer if it is the most money that the IRS could expect to collect from the taxpayer within a reasonable amount of time.
The IRS assesses each taxpayer's ability to pay on an individual basis when deciding whether to accept the offer. Some of the factors the IRS uses to assess collection potential from a taxpayer include a person's:
-Current ability to pay
-Income
-Expenses
-Equity in assets
Delays in Responding to Requests
A number of factors have combined to create the backlog in the IRS review of offers. More people are taking advantage of the OIC program. The audit showed that the IRS received 59,411 new offers in 2011 alone -- a 28 percent increase from the number of offers in 2007. The poor economy is motivating more people to look for as many debt relief options as possible, including settling tax debts.
The IRS also simplified the OIC process and made changes to allow more people to qualify for assistance from the program. At the same time, the IRS has cut the number of staff members who deal with offers. The increased number of applications and fewer people reviewing them has created a backlog. The backlog in offers has increased by 57 percent from 2007 to 2011.
Talk to an Attorney
While the IRS is easing qualification requirements for accepting settlement offers from taxpayers under the OIC program, making an offer can still be a complicated process. People interested in settling tax debts with the IRS should seek the assistance of an experienced tax attorney who can advise them of all of their options.
Article provided by Baker Law Firm
Visit us at http://www.cttaxlawyer.com
IRS Experiencing Backlog in Processing Offers in Compromise
Taxpayers should be aware of what the Offer in Compromise program is, how the OIC program can help those with tax debts and reasons the IRS is having trouble processing requests.
2012-09-22
ELSE PRESS RELEASES FROM THIS DATE:
Possible Change to Bankruptcy Rules for Student Loans
2012-09-22
In March 2012, Sen. Dick Durbin called a hearing of the Senate Judiciary Committee to address the issue of student loan debt in the U.S. Scores of graduates are struggling under the weight of crushing student loans, and many cannot see any way out from under them -- not even bankruptcyoffers relief. Many experts view student loan debt as the next great financial crisis facing the country, and some lawmakers want to take steps to help resolve the issue.
Debt Bomb
Financial experts have called the amount of student loan debt in the U.S. a potential "debt bomb," ...
ZEUS Battery Products Publishes Corporate Video On YouTube
2012-09-22
Today, ZEUS Battery Products published their latest corporate video on YouTube discussing the ZEUS product line, custom pack assembly and the applications they are used in. To view the YouTube video, click here: http://www.youtube.com/watch?v=sA_S_gXbtc4.
ZEUS Battery Products is the worlds leading manufacturer of sealed lead acid batteries, battery chargers and custom battery packs for all portable power requirements. ZEUS Battery Products builds custom battery packs in their ISO 9001 certificated factory located in the northwestern suburbs of Illinois, building everything ...
TeamLogic IT President Named Top Managed Services Expert on MSPmentor 250 Report
2012-09-22
Chuck Lennon, president of TeamLogic IT, a nationwide network of outsourced information technology (IT) service providers, has been selected for the fourth consecutive year as a Top Managed Services Expert on the Nine Lives Media Inc. fifth annual MSPmentor 250 report, representing the only franchise IT company to make the list. The prestigious honor recognizes the world's leading managed service executives, entrepreneurs, experts, coaches and community leaders from around the world for their high-level contributions to the field of technology and beyond.
"It is ...
BKD to Present at Missouri Primary Care Association Conference
2012-09-22
BKD Forensics & Valuation Services, a division of BKD, LLP, is pleased to announce that Jeremy Clopton will be presenting at the Missouri Primary Care Association 2012 Annual Clinical & Quality Conference. His presentation, "Using Data Mining and Continuous Auditing to Prevent and Detect Fraud" will focus on fraud detection and prevention. The presentation will also provide tips on using data mining tools to jump-start an auditing and analytics program.
Clopton is a member of BKD's Forensics & Valuation Services division and specializes in providing ...
Eisenhower Dog Park Grand Opening
2012-09-22
Socializing, running, chasing, barking and a dedication of The Eisenhower Dog Park will be part of the festive Grand Opening of the new Eisenhower Dog Park on Saturday, October 13 in Westbury, NY.
Located at the corner of Stewart Ave and Salisbury Park Drive (on the north side of the park). The park is on the former site of an under-used basketball court and baseball field at the corner of Stewart Ave and Salisbury Park Drive (on the north side of the park). It has a small parking lot for 20 cars or so. It will be a natural grass field, which will enjoyed by the dogs.
Saturday's ...
Brookfield to Release New Phase of Homes at Sago in Carlsbad This Weekend
2012-09-22
Brookfield Homes is releasing four new homes for sale at its Sago community in Carlsbad this weekend. Voted #1 New Home Community in "San Diego's Best" Poll 2012, the enclave of 56 detached homes is more than halfway sold out. Remaining homes are currently priced from $467,900.
Located at master-planned community The Foothills, Sago offers two-story detached homes ranging from approximately 1,750 to 2,050 square feet with three to four bedrooms and 2.5 to three baths. Three different floor plans are available, one with a downstairs bedroom and bath. Home designs ...
Big Tent Jobs, LLC to Sponsor National Forum on Disability Issues
2012-09-22
On Friday, September 28th, over 50 organizations, including Michigan-based Big Tent Jobs, LLC, are hosting the second National Forum on Disability Issues (NFDI). Big Tent Jobs is a leading recruiting firm in the United States offering career opportunities for top technical professionals, including those with hidden and visible disabilities. To Big Tent Jobs, this forum is an important event which can highlight the untapped talent in this community.
"We are delighted to sponsor the NFDI event", says Adam Kaplan, Founder and CEO of Big Tent Jobs, LLC. "People ...
JPA Expands Global Reach as Newest Member of International PR Network
2012-09-22
JPA today announced its acceptance to the International Public Relations Network (IPRN), the world's largest independent public relations agency network. With deep healthcare communications experience in the U.S. and abroad, JPA's IPRN membership is further acknowledgment of its reputation and capacity for executing global health PR campaigns.
IPRN is an international network of independently-owned communications firms. The Network represents agencies that think globally and provide regional services. Through IPRN's global network, JPA gains competent and skilled public ...
PlotHost Among The Top Web Hosts For Personal Shared Hosting
2012-09-22
PlotHost, a relative newcomer to the web hosting industry has been identified among the top web hosts for personal shared hosting. PlotHost earned this honor based on their web hosting features, customer care, price, performance and reliability.
The company offers personal and small business shared hosting packages and while the company only came on the scene in 2008 they are already being recognized by several review sites as among the best up and coming web hosts.
Alain Monsegue a partner with the company was not surprised by the recognition given to PlotHost. ...
IndigoH2O Chosen for A-List Celebrity Gifts at Studio 3 Hollywood EMMY Interviews Hosted by Tysha Williams
2012-09-22
Glacier Bottling Company, L.L.C., bottlers of IndigoH2O - Premium Alkaline Mineral Water - are pleased to announce that their signature Cobalt Blue bottled water will be served at this years' Emmy interviews with the nominees and cast members of nominated shows visiting Studio 3 Hollywood on September 22nd.
"We are honored to have IndigoH2O included among the luxury gifts given to the talented nominees and cast members of Emmy nominated shows," said Yuri Cataldo, president and CEO of Glacier Bottling Company. "As a socially conscientious company, we are ...
LAST 30 PRESS RELEASES:
Emory-led Lancet review highlights racial disparities in sudden cardiac arrest and death among athletes
A new approach to predicting malaria drug resistance
Coral adaptation unlikely to keep pace with global warming
Bioinspired droplet-based systems herald a new era in biocompatible devices
A fossil first: Scientists find 1.5-million-year-old footprints of two different species of human ancestors at same spot
The key to “climate smart” agriculture might be through its value chain
These hibernating squirrels could use a drink—but don’t feel the thirst
New footprints offer evidence of co-existing hominid species 1.5 million years ago
Moral outrage helps misinformation spread through social media
U-M, multinational team of scientists reveal structural link for initiation of protein synthesis in bacteria
New paper calls for harnessing agrifood value chains to help farmers be climate-smart
Preschool education: A key to supporting allophone children
CNIC scientists discover a key mechanism in fat cells that protects the body against energetic excess
Chemical replacement of TNT explosive more harmful to plants, study shows
Scientists reveal possible role of iron sulfides in creating life in terrestrial hot springs
Hormone therapy affects the metabolic health of transgender individuals
Survey of 12 European countries reveals the best and worst for smoke-free homes
First new treatment for asthma attacks in 50 years
Certain HRT tablets linked to increased heart disease and blood clot risk
Talking therapy and rehabilitation probably improve long covid symptoms, but effects modest
Ban medical research with links to the fossil fuel industry, say experts
Different menopausal hormone treatments pose different risks
Novel CAR T cell therapy obe-cel demonstrates high response rates in adult patients with advanced B-cell ALL
Clinical trial at Emory University reveals twice-yearly injection to be 96% effective in HIV prevention
Discovering the traits of extinct birds
Are health care disparities tied to worse outcomes for kids with MS?
For those with CTE, family history of mental illness tied to aggression in middle age
The sound of traffic increases stress and anxiety
Global food yields have grown steadily during last six decades
Children who grow up with pets or on farms may develop allergies at lower rates because their gut microbiome develops with more anaerobic commensals, per fecal analysis in small cohort study
[Press-News.org] IRS Experiencing Backlog in Processing Offers in CompromiseTaxpayers should be aware of what the Offer in Compromise program is, how the OIC program can help those with tax debts and reasons the IRS is having trouble processing requests.