Fresh Start Streamlined Installment Agreements & Offer In Compromise

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1 Fresh Start Streamlined Installment Agreements & Offer In Compromise Fresh Start Initiative Goals Assist taxpayers in meeting their tax obligations Aid taxpayers in the payment of back taxes 2 Fresh Start Highlights Greater access to Streamlined Installment Agreements 3 1

2 Streamlined Installment Agreements Changes to criteria; Dollar threshold increased to $50,000 Time to pay increased to 72 months 4 Streamlined Installment Agreements If aggregate balance is $25,000 or less, qualifying taxpayers are: Individuals: Any type of tax Defunct businesses: Any type of entity or tax Currently operating businesses: income tax only (Form 1120) 5 Streamlined Installment Agreements If aggregate balance is $25,001 to $50,000, qualifying taxpayers are: Individuals: any type of tax Defunct sole proprietors: any type of tax 6 2

3 Streamlined Installment Agreements If aggregate balance $25,001 - $50,000, additional requirements are: Direct Debit Installment Agreement Verify ability to pay if Online Payment Agreement application not used 7 Online Payment Agreement Individuals can use Aggregate balance up to $50,000 Up to 72 months to pay No additional financial info required Immediate notification of approval 8 Online Payment Agreement Individuals can apply: After all returns filed Before tax liability assessed, and Before receiving IRS billing notice Without direct IRS contact 9 3

4 Online Payment Agreement Individuals with an existing agreement can change, Payment due date Payment amount Agreement type from/to regular payroll deduction direct debit 10 Online Payment Agreement Individuals can also: Request an extension of time to pay for up to 120 days Update their address of record Get current balance due 11 Fresh Start Initiatives and OIC Under the Fresh Start initiative, the IRS has made changes to the OIC program. The changes include: Expanding the Streamlined OIC process Adding flexibility Revising financial analysis procedures Revising allowable living expenses 12 4

5 Streamlined OIC process The Streamlined OIC process included: Fewer information requests Verification with internal searches More information requests and case discussions by phone Greater flexibility in considering ability to pay 13 Offers in Compromise The IRS has made changes to add more flexibility to the OIC process Greater flexibility in determining taxpayer s income and equity in assets Decreased timeframe to complete the OIC payment process to two years 14 Offer in Compromise vs. IA What has not changed? If a taxpayer can fully pay the liability via equity in assets or an installment agreement, then an offer is not the appropriate resolution. 15 5

6 Allowable Living Expenses In certain situations the following payments may be allowed: Loans guaranteed by the federal government for the taxpayer s post high school education Delinquent state and local taxes 16 Offer in Compromise Pre-Qualifier Tool Launch date: January 30, 2013 Self determine: Qualify for an OIC? 17 How Does It Work? Answer a series of questions: Currently in bankruptcy? Current with filing? Where do you live? Number of dependents? Household income and expenses? Value of assets? 18 6

7 Qualify - Yes Directed to: Complete Form 656 Submit the application 19 Qualified- No Directed to alternatives: OIC Booklet -exceptional circumstances Installment Agreement Make a payment page 20 Located on irs.gov From the irs.gov landing page, click on: Payments Tab Offer in Compromise Offer in Compromise Pre-Qualifier 21 7

8 Fiscal Year 2012 Program Results Receipts: 61,938 Dispositions: Total % Not processable 4,971 8% Acceptances 23,628 39% Rejections 10,516 17% Returns 13,846 23% Withdrawals/Term 8,123 13% 22 Helpful Hints Explore all collection options Avoid omissions and mistakes Include Form 433-A/B (OIC) Complete the checklist(s) Form 656-B, Offer in Compromise Booklet, Revised May, 2012, to support program changes 23 Helpful Hints Ensure taxpayer is/stays current Include fees and payments Respond promptly Accurately value property and assets 24 8

9 Resources IRS.gov Keywords Collection Procedures and Fresh Start IRS Videos IRSVideos.gov Online Payment Agreements Owe Taxes Understanding IRS Collection Efforts Payment Alternatives When You Owe the IRS Lien Withdrawal 25 9

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