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Offer In Compromise

John Stambaugh

The Offer In Compromise program assists taxpayers who are so far behind they may never get caught up with what they owe the IRS. The new tax law requires taxpayers to pay significantly more with their Offer in Compro-mise paperwork when it is submitted. The new tax law provides if the IRS fails to process an offer within two years, the offer will be deemed to be accepted.

This new tax law generally extends a number of taxpayer friendly provisions for a year or two more. But there are many very taxpayer-friendly provisions set to expire in the next year or two. It is rumored that the Congress may pass yet another tax bill extending many of those provisions.

Stambaugh is a local certified public accountant with more than 18 years experience in business tax planning and tax preparation and a master’s degree. He can be reached at 234-2438.

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