IRS Offer-in-Compromise Program Reduces Information Requirements, Raises Thresholds
The streamlined Internal Revenue Service offer-in-compromise program will decrease the required financial information from taxpayers in an effort to bring more of them into the program, Faris Fink, IRS Small Business/Self Employed Division commissioner, said Sept. 15. Speaking at a tax controversy conference in Washington, Fink said IRSwould raise the threshold to include individuals with an annual household income of $100,000 and less than $50,000 in tax liability. The new program allows greater flexibility in considering an individual’s ability to pay, he said. “It truly is a...
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