The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 2010, will remain the same as they were in the prior quarter. The rates will be:
four (4) percent for overpayments [three (3) percent in the case of a corporation];
four (4) percent for underpayments;
six (6) percent for large corporate underpayments; and
one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000.
For more information, visit irs.gov
Monday, November 23, 2009
Friday, November 6, 2009
Qualifing for an Offer in Compromise and Getting the Right Help
I refer people who have decided to file an Offer in Compromise, to our Enrolled Agent when thay live in the San Francisco Bay Area. However, when web visitors need help with OIC information, I refer them to http://www.oicadvice.com/index.html
Below is information from the above site, which provides quality information on the IRS's Offer in Compromise program.
OICs
Most OICs are based on a taxpayer's inability to pay the full amount owed to the IRS, or, alternatively, that paying the full amount will leave the taxpayer in dire financial hardship. The IRS uses extensive guidelines and standards for determining ability to pay and identifying potential hardship cases. A thorough knowledge of these guidelines and standards is absolutely essential for submitting a potentially acceptable OIC.
Below is information from the above site, which provides quality information on the IRS's Offer in Compromise program.
OICs
Most OICs are based on a taxpayer's inability to pay the full amount owed to the IRS, or, alternatively, that paying the full amount will leave the taxpayer in dire financial hardship. The IRS uses extensive guidelines and standards for determining ability to pay and identifying potential hardship cases. A thorough knowledge of these guidelines and standards is absolutely essential for submitting a potentially acceptable OIC.
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