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.

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States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

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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.