Revised IRS procedures for offers in compromise under Section 7122

Revised IRS procedures for offers in compromise under Section 7122

Section 7122 authorizes the acceptance of offers to compromise a tax liability in which either collection or liability is in doubt. Internal Revenue Manual Supplement 57(10)-00 amended current offers in compromise procedures. The offer-in-compromise system presently in effect is decentralized and al...

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Veröffentlicht in:Taxes (Chicago, Ill.) Ill.), 1994-05, Vol.72 (5), p.277
Hauptverfasser: Breakfield, Robert H, Alvis, Charles E
Format: Artikel
Sprache:eng
Schlagworte:
Delinquency
Equity
Estimated taxes
Fines & penalties
Government agencies
Internal Revenue Code
Inventory
Liability
Offers in compromise
Perjury
Procedures
Section 7122
Tax assessments
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Zusammenfassung:Section 7122 authorizes the acceptance of offers to compromise a tax liability in which either collection or liability is in doubt. Internal Revenue Manual Supplement 57(10)-00 amended current offers in compromise procedures. The offer-in-compromise system presently in effect is decentralized and allows a taxpayer to reduce his liability for an amount considerably less than what is actually owed. Though a good system, it has some limitations. It is suggested that the representative exercise care in processing cases, attempting to take forward only the cases that have a reasonable chance of success.
ISSN:0040-0181