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The Guide For CPAs & EAs To Setup OIC Processes For Their Firm
Discover a comprehensive resource tailored for CPAs & EAs aiming to establish Offer in Compromise (OIC) processes within their firms. This step-by-step guide offers practical insights and tools to streamline OIC procedures, ensuring smoother operations and enhanced client service. Download now to optimize your firm’s OIC setup.
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Insights at a Glance
- Taxpayers must meet basic criteria and file all required returns to qualify for an Offer in Compromise or Payment Agreement.
- Detailed financial information, including supporting documents, is necessary for both Offer in Compromise and Payment Agreement applications.
- Taxpayers can propose monthly payments based on their financial situation, with minimum amounts determined by the owed balance.
- All taxpayers entering into an installment agreement are automatically considered for reduced fees by the IRS.
- Accountants and attorneys can represent taxpayers and must submit the necessary forms, such as Form M-2848, on their behalf.
- Both the IRS and Massachusetts DOR encourage electronic fund transfers for payment plans due to their safety, accuracy, and efficiency.
Who is this Guide for?
This guide serves as a comprehensive resource for individuals and businesses navigating the Offer in Compromise (OIC) and Payment Agreement processes with the Internal Revenue Service (IRS) and state tax authorities. It provides clear instructions and insights to assist taxpayers in understanding their options for resolving tax liabilities.
- Taxpayers Facing Tax Liabilities.
- Those Seeking Financial Relief.
- Individuals or Businesses Seeking Assistance.
- Offers clear guidance on application procedures, required documentation, payment options, & timelines involved in resolving tax debts.
- For accountants, attorneys, and tax professionals representing clients in negotiating OICs or payment agreements with tax authorities.
Share a few details with us and grab your ebook instantly!