Flexible Offer in Compromise Terms
The IRS announced another expansion of its “Fresh Start” initiative by offering terms that are more flexible to its Offer in Compromise (OIC) program that will enable some financially distressed taxpayers to quickly clear up their tax problems.
In certain circumstances, the changes announced include:
Revising the calculation for the taxpayer’s future income.
Allowing taxpayers to repay their student loans.
Allowing taxpayers to pay state and local delinquent taxes.
Expanding the Allowable Living Expense allowance category and amount.
More details can be found in IR-2012-53.
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