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New IRS Changes Offer in Compromise Policy - IRS Settlements Made Easier

2021-12-09 10:25

Dave Rosa

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New IRS Changes Offer in Compromise Policy - IRS Settlements Made Easier

The IRS has made it easier to settle a tax debt. New IRS regulations make a tax settlement very appealing.





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IRS Tax Relief may have gotten "a whole lot easier." The IRS has just announced a major adjustment to the Offer in Compromise (OIC) policy that will remove many obstacles for potentially eligible taxpayers. If you have a large tax liability (more than $10,000), now is a great time to seek a settlement with the IRS!


What was OIC policy?


An Offer in Compromise (OIC) is the most sought-after form of tax relief.


A successful Offer in Compromise allows taxpayers to settle their IRS debt for an amount that is drastically less than what they owe with proof of hardship.


When an OIC is accepted by the IRS, any refunds that you receive after an offer is accepted are kept by, or must be returned to, the IRS and go toward the outstanding balance.

What is the new OIC policy?


Tax Refunds


The Taxpayer Advocate Service and the IRS, due to necessity, united in a joint effort to make an OIC more attainable. One major change keeps future refunds in the pocket of the taxpayer. Under the new guidance, the IRS will no longer keep a tax refund.


This amendment to the OIC policy is effective as of November 1, 2021. If you would like to apply for an OIC in December of 2021 or later, your next return is yours to keep. This is extraordinarily monumental for taxpayers facing hardship, as we’re expecting more OIC applicants than ever before.


This change isn’t cut and dry, however, as the IRS will not allow you to keep refunds from amended tax returns. Should you receive a refund prior to your offer acceptance or based on an amended return for the tax periods in the question of your liability, your refund must be returned to the IRS within 30 days of receiving it.


Offset Bypass Refund (OBR) Remedy


In the original OIC policy, the OBR (offset bypass refund) remedy was unavailable. Now, if you’re experiencing financial hardship, you can qualify for an OBR while your OIC is pending. An offset bypass refund aids taxpayers facing hardship. An overpayment in a return (offset refund) can be given to you by the IRS to help with your tax debt.


Applying for an OIC


Due to the COVID lockdowns, the IRS is facing an enormous amount of tax debt cases. Do not think for a second that the IRS has suddenly found "heart." The IRS MUST CLOSE FILES and they are stretched very thin. Now is truly a great time to seek assistance with a tax settlement. There may never be a better time to submit an Offer in Compromise.


The current "Build Back Better" bill in Congress provides funding for an additional 83,000 IRS Agents. It will take some time to train these newbies but once that happens, the IRS will go right back to "business as usual." If you are eligible and qualified for an IRS settlement, now is a perfect time.


The OIC process can be long, grueling, and usually takes 10 to 12 months to complete. It’s well worth your time and energy once you reach the finish line.


Give the IRS problem solvers at Flat Fee a call for more details.

Our thorough consultations are always free! 








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