Anyone owing money to the IRS may
find out how to reduce their tax debt by attending an Offer in Compromise (OIC)
information session offered by McHenry County College from 6:00 - 7:30 p.m. on
Tuesday, June 12 in Room A207. The College is located at 8900 U.S. Hwy. 14 in
Crystal Lake.
An Offer in Compromise is a proposal submitted to the IRS requesting relief from a taxpayer’s full tax debt. With documentation, review, and analysis it may be possible to settle a tax debt for less than 100 percent of the amount owed. An Offer in Compromise may be accepted by the IRS if the taxpayer can demonstrate that “equity in assets” and “disposable income” does not add up to enough for the taxpayer to full pay.
This may be a legitimate option if the taxpayer can't pay the full tax liability, or doing so creates a financial hardship. The IRS considers a taxpayer’s unique set of facts and circumstances. The IRS generally approves an offer in compromise when the amount offered represents the most the IRS can expect to collect within a reasonable period of time.
The Offer in Compromise program is not for everyone. Before the IRS can consider an offer, the taxpayer must be current with all filing and payment requirements. The taxpayer is not eligible if in an open bankruptcy proceeding.
This presentation is designed to provide an overview of the Offer program. The public is invited to this informational session. After the session, appointments can be made with the MCC Tax Clinic to help determine if a taxpayer is eligible for an OIC. If the taxpayer is eligible for an OIC, the taxpayer can also apply for free tax help from the MCC Tax Clinic.
Cost is $15 and a light supper will be served. For more information, contact Ruth Kormanak at (815) 479-7879 or email her at rkormanak@mchenry.edu. To register, call (815) 455-8588 and reference course ID: USB U53-001.
An Offer in Compromise is a proposal submitted to the IRS requesting relief from a taxpayer’s full tax debt. With documentation, review, and analysis it may be possible to settle a tax debt for less than 100 percent of the amount owed. An Offer in Compromise may be accepted by the IRS if the taxpayer can demonstrate that “equity in assets” and “disposable income” does not add up to enough for the taxpayer to full pay.
This may be a legitimate option if the taxpayer can't pay the full tax liability, or doing so creates a financial hardship. The IRS considers a taxpayer’s unique set of facts and circumstances. The IRS generally approves an offer in compromise when the amount offered represents the most the IRS can expect to collect within a reasonable period of time.
The Offer in Compromise program is not for everyone. Before the IRS can consider an offer, the taxpayer must be current with all filing and payment requirements. The taxpayer is not eligible if in an open bankruptcy proceeding.
This presentation is designed to provide an overview of the Offer program. The public is invited to this informational session. After the session, appointments can be made with the MCC Tax Clinic to help determine if a taxpayer is eligible for an OIC. If the taxpayer is eligible for an OIC, the taxpayer can also apply for free tax help from the MCC Tax Clinic.
Cost is $15 and a light supper will be served. For more information, contact Ruth Kormanak at (815) 479-7879 or email her at rkormanak@mchenry.edu. To register, call (815) 455-8588 and reference course ID: USB U53-001.
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