Posts Tagged ‘IRS tax audits; unpaid Federal taxes; unpaid state taxes’

The IRS Program For An “Offer in Compromise” (OIC)

Monday, May 3rd, 2021

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

There are many situations in life that create protracted (long) financial hardship periods.  For whatever reasons, some taxpayers may decide not to file their quarterly or annual tax returns.  For both unpaid Federal and state income taxes and delinquent tax returns, the mindset “If I ignore the problem long enough, it will just go away” will never work in this situation, even after your death.

The e-mail below from the IRS just arrived this morning.  It describes the IRS “Offer in Compromise” program and it may benefit your friends or associates, family members, another employee at work, etc.  If any person believes that the IRS will never contact them, or seek to recover those unpaid taxes, interest, penalties, etc.  I disagree.  President Biden is increasing the IRS budget to authorize more auditors and tax return examiners to collect the billions of dollars of unpaid, delinquent taxes.   This IRS document may answer a lot of questions – https://www.irs.gov/pub/irs-pdf/f656b.pdf

If you believe that you may qualify for this program, I recommend  that you contact a tax attorney who has the education, knowledge, skills, and experience to successfully obtain an approved OIC for you.

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