On May 21, 2012, the IRS announced changes to its “Fresh Start Program” through the offering of much more favorable terms for “Offers in Compromise” (“OIC”). Among the highlights announced by the IRS are the following:
- Revising the calculation for the taxpayer’s future income.
- Allowing taxpayers to repay their student loans.
- Allowing taxpayers to pay state and local delinquent taxes.
- Expanding the Allowable Living Expense allowance category and amount.
For additional information, you can read the entire article posted by Robert McKenzie on Forbes.com entitled: New IRS Offer In Compromise Policies