Offers in Compromise Decline
According to the IRS Data Book Table 16 the percentage of Offers in Compromise that were accepted went down in 2009 by 15%. The numbers of offers received was 52,000 in 2009 (up from 44,000 in 2008) and the number of offers accepted were only 11,000. In previous years about 25% of the offers received were accepted, but in 2009 that number went down by over 15%. The number of offers accepted did not change. There were 11,000 offers accepted in 2008 and 11,000 accepted in 2009. Surprisingly the amount of money collected from offers went down as well. In 2008 the IRS accepted $200,000,000 and in 2009 the IRS only $157,000,000. Wow, the amount of offers accepted in 2005 was 325 million. With the budget crunch one would thing that the IRS would be encouraged to accept more offers.
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posted by rmayo99421 at 2:42 PM
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Many fear the tax man as they may a policeman or judge when they have done wrong! Fear not – if you are in a genuine state of hardship you can reach an agreement with the IRS to get tax relief help that year. The IRS Offer In Compromise (OIC) is available in certain circumstances when you can prove you can’t afford your tax bill without extreme hardship and will reduce your tax bill. Let’s look at this and how to get a tax relief offer from the IRS.
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