IRS Offer in Compromise Five Deadly Sins

Five Deadly Sins: "Five Deadly Sins in Making an Offer - According to the IRS:

-Not including essential information on the Offer form.
-Not identifying and listing all tax liabilities.
-Offering less than the equity in all of your assets.
-Altering the form.
-Omitting signatures."

IRS Offer in Compromise

IRS Offer in Compromise - Repair Broken Program?

IRS Seeks to Repair Offer Program: "The Internal Revenue Service is trying to fix a program that allows it to compromise with individuals who owe the government more than they can pay.

Critics say many people have to wait much too long for an IRS response to a compromise offer, and that the application process is needlessly burdensome. They also say the IRS rejects far too many offers.

Some of the individuals interested in the program relied on tax shelters that later blew up and are in the process of trying to seek a compromise with the IRS, says Robert E. McKenzie of the law firm Arnstein & Lehr in Chicago. "

IRS Offer in Compromise

Offer in Compromise for Welfare Payments?

Family Law: Child Support: "When past-due child support is owed to a state as a result of welfare paid out, the state is free to forgive some or all of it under what's known as an offer in compromise. "

IRS Offer in Compromise - 2.3 Million Dollars in Taxes Saved

"Robert V. Silva, President and Chief Executive Officer of Transtech Industries, Inc. announced the results of operations for the three and nine month periods ended September 30, 2005. The Company's subsidiaries perform environmental services and generate electricity utilizing methane gas as fuel. . . .

The income for 2004 includes a $2,332,000 gain resulting from the reduction in the Company's federal tax obligation recognized with IRS acceptance of the Company's Offer in Compromise."

Quoted from Annual report of Transtech Industries, Inc. Results for the Three and Nine Month Periods Ended September 30, 2005