Pay Upfront on OICs

The IRS revised its offer-in-compromise (OIC) application package to reflect changes of the Tax Increase Prevention and Reconciliation Act of 2005. Form 656 includes a checklist designed to help taxpayers determine whether they are eligible to file an OIC before they prepare the form. Also, for OICs submitted after July 15, 2006, any lump-sum offer must be accompanied by payment of 20% of the offer amount, and any periodic payment offer must be accompanied by the first installment. The IRS said it planned to issue regulations waiving the payment requirements for low-income taxpayers and those whose offer is based solely on doubt as to liability.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.