April 16, 2012
TIGTA: IRS Misses Deadlines in 74% of Offers in Compromise
An offer in compromise (OIC) is an agreement between a taxpayer and the Federal Government that settles a tax liability for payment of less than the full amount owed. ... From 2001 through 2009, the National Taxpayer Advocate reported the OIC Program as one of the most serious problems facing taxpayers. This audit was initiated to assess the effectiveness of the OIC Program. ... TIGTA reviewed a statistically valid sample of offers and found the IRS did not process all offers timely. In 73 (74%) of 99 offers, the IRS failed to contact the taxpayer by the promised date. TIGTA estimates that 9,509 taxpayers who submitted offers between July 1 and December 31, 2010, may not have been contacted when promised.
(Hat Tip: Francine Lipman.)
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Found you via the INSTALAUNCH today! Common Cents got mentioned as well!
HEY, WAIT A MINUTE: Buffett Rule Would Reduce Federal Tax Revenues by $800 Billion.
Related: Rick Santelli vs. the Buffett Rule.
Also: Instead of the Buffett Rule, How About The Geithner Rule?
Posted by: Steve | Apr 16, 2012 2:35:42 PM