The Internal Revenue Service has released final regulations that increase the Offer in Compromise application fee to $205. They also enable the IRS to provide an additional way waive to OIC fees for low-income taxpayers, based on their adjusted gross income.

Generally, the IRS sets income eligibility for a waiver if  taxpayers fall at or below 250 percent of the poverty level by looking at their household’s size and gross monthly income. The new law enables the  IRS to examine a taxpayer’s AGI from the most recent tax return to determine whether it is at or below 250 percent of the poverty level.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Sunday, 15 March 2020
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