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.

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.