IRS Updates Collection Financial Standards

IRS Updates Collection Financial Standards

Posted By: Jennifer O'Neill // Mar 27, 2017

The IRS has released updated collection financial standards.  These standards are used to help determine a taxpayer's ability to pay a delinquent tax liability after meeting their basic needs.  In addition to this the IRS has announced that Offer in Compromise applications received after 3/27/17 will be returned if the taxpayer has not filed all required tax returns.  The application fee will be returned as well but the initial payment will be kept and applied to any past due balance.    If you would like more information on the collection standards or would like to see what your options are for if you qualify for an Offer in Compromise, give us a call today for a free - no obligation consultation.  716-827-1980 KCC

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