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IRS widens taxpayer debt forgiveness program ("Offer in Compromise" program)
Yahoo ^ | 5/21/12 | Reuters

Posted on 05/21/2012 8:44:34 PM PDT by NormsRevenge

WASHINGTON (Reuters) - More middle-class Americans will be able to work out their debts to the U.S. Internal Revenue Service because of changes in a tax payment forgiveness program, the agency announced on Monday.

The "Offer in Compromise" program lets taxpayers negotiate agreements with the IRS to pay less than the full tax owed. The announced changes make the program more flexible for taxpayers, with some people able to pay off their debts faster, according to the IRS.

The IRS announcement focused on the financial analysis used to determine which taxpayers qualify for an Offer in Compromise.

Additionally, the program gives taxpayers flexibility to payoff student loans and local taxes while making the federal tax payments.

"This is going to be a big deal for middle-class people," said Keith Fogg, a tax professor at the Villanova University School of Law who formerly was an IRS district counsel.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Crime/Corruption; Culture/Society; Government; Politics/Elections
KEYWORDS: debtforgiveness; forgiveness; irs; irsdebt; irsdebtforgiveness; offerincompromise; taxpayerdebt; widens
We've sure come a long way in 227 years .. or have we? What are we at .. almost 16 Trillion deep already?

Tax debt forgiveness? Too bad there isn't a black market for debt.. like carbon. Liberals would find a way to profit from it.

1 posted on 05/21/2012 8:44:44 PM PDT by NormsRevenge
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To: NormsRevenge
The problem for me is that since 2008, technically, if I pushed it, they owe me.

I used to be good for tens of thousands into their coffers every year, year in and year out.

So their revenue stream is drying up in some cases.

/johnny

2 posted on 05/21/2012 8:51:44 PM PDT by JRandomFreeper (Gone Galt)
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To: NormsRevenge
Let me see if I understand this correctly.

If I paid my taxes, but ran up my credit cards buying big screen TVs and iPads, I have to declare bankruptcy or be endebtted to the banks.

However, if I ignored paying taxes and bought all that stuff instead, the government will "forgive" me.

Is that right?

-PJ

3 posted on 05/21/2012 8:52:33 PM PDT by Political Junkie Too (If you can vote for President, then your children can run for President.)
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To: NormsRevenge
The IRS announcement focused on the financial analysis used to determine which taxpayers qualify for an Offer in Compromise.

So IRS agents will use some type of selective enforcement procedure to see who gets relief and who gets intimidated, as I am sure no Warren Buffet type will apply for this if they feel they have plenty of excess money and are not paying enough in taxes.

4 posted on 05/21/2012 8:58:42 PM PDT by Brandonmark (2012: Our Hope IS Change!)
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To: Political Junkie Too
You pretty well nailed it...

In Obamatalk that's "A big deal for middle-class people."

5 posted on 05/21/2012 9:08:12 PM PDT by norton
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To: Political Junkie Too

Dont be using logic in a political debate!!!


6 posted on 05/21/2012 9:15:08 PM PDT by M-cubed
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To: Political Junkie Too
...if I ignored paying taxes and bought all that stuff instead, the government will "forgive" me. Is that right?

No, it's not. My friend, who has had a moderately successful business, just went through this--she got behind on her taxes because she was laid up following two major surgeries. The IRS didn't forgive the debt; she simply worked out a deal to repay the taxes over a period of years, on top of the usual taxes she owes. The IRS agent wanted her to save money for the IRS by having her elderly Labradors put to sleep. Can you imagine??

7 posted on 05/21/2012 9:15:50 PM PDT by ottbmare (The OTTB Mare)
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To: Brandonmark

Considering how many millions of dollars - or is that billions of dollars - government employees owe IRS what do you want to bet that they are first in line to receive a Compromise Agreement. It will probably go like this. IRS: You owe $85,000. Government Employee: I only have $8.00. IRS: Fine - that close enough for us. If we had any sort of honest government they would publish the list of all of these delinquents and attach everything they own until it’s paid in full.


8 posted on 05/21/2012 9:20:17 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: Political Junkie Too
However, if I ignored paying taxes and bought all that stuff instead, the government will "forgive" me. Is that right?

Not really. They don't agree to this unless they're convinced you're a turnip they ain't getting much blood out of anyway.

9 posted on 05/21/2012 9:24:25 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Grams A
If we had any sort of honest government...

Unfortunately, you've made the whole point right there!

10 posted on 05/21/2012 9:33:20 PM PDT by Brandonmark (2012: Our Hope IS Change!)
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To: JRandomFreeper

They’re getting desparate. This is a good thing.


11 posted on 05/21/2012 9:35:41 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: NormsRevenge
Now, since Patrick Cox and “Tax Masters” are busy in bankruptcy court, the IRS drones have to deal directly with the American Taxnonpayers.

Time for an IRS agent convention in Las Vegas?

12 posted on 05/21/2012 9:57:04 PM PDT by tdscpa
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To: Political Junkie Too

Now if the debt collectors that bought bad debts from bank credit cards would just do the same.

Banks wrote them off and told the debt collectors to collect if they can.


13 posted on 05/21/2012 10:04:50 PM PDT by Irish Eyes
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To: All


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14 posted on 05/21/2012 10:17:47 PM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: musicman

Bookmark


15 posted on 05/21/2012 10:57:07 PM PDT by Publius6961 ("It's easy to make promises you can't keep" - B.H.Obama Feb 23, 2012)
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To: NormsRevenge

Hmm.


16 posted on 05/22/2012 12:00:13 AM PDT by Ernest_at_the_Beach (The Global Warming Hoax was a Criminal Act....where is Al Gore?)
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To: NormsRevenge

Bookmark


17 posted on 05/22/2012 3:02:06 AM PDT by Bon mots ("When seconds count, the police are just minutes away...")
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To: ottbmare
"The IRS agent wanted her to save money for the IRS by having her elderly Labradors put to sleep. Can you imagine?? "
Does she have any kids? If she put them to sleep too it might speed up her IRS payment schedule ... Bump!
18 posted on 05/22/2012 7:35:21 AM PDT by Tunehead54 (Nothing funny here ;-)
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To: Political Junkie Too
If I paid my taxes, but ran up my credit cards buying big screen TVs and iPads,

you left out the Jell-Nails and Bling-Bling ...

19 posted on 05/22/2012 8:43:47 AM PDT by Bill Buckner
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