Doubt As To Collectability The Offer in Compromise (OIC) for doubt as to collectability is a settlement initiated by a taxpayer based on a snapshot of the taxpayer’s financial situation. In many cases, taxpayers can settle large tax debts for significantly less than they owe. The IRS will consider a client’s Reasonable Collection Potential (RCP), […]
Posts Tagged ‘OIC’
“Settle Your Back Taxes for a Fraction of What You Owe – Tax Evaluation Waiting! Stop IRS Collections Now.” –Google search ad results, September 2018 What’s true is that the IRS has a program that allows taxpayers to settle their tax debts for less than the amount they owe. The formal name for this tax […]
The U.S. Tax Court has rejected Wesley Snipes’ appeal of the IRS’s rejection of his offer in compromise. Snipes has federal deliquent tax liabilities of approximately $23.5 million for tax years 2001-2006, largely as a result of his failure to file tax returns. The movie actor served three years in prison for failure to file […]
