Taxpayers who owe more taxes than they can pay may seek an Offer in Compromise (OIC) with the IRS to settle the debt for less than the amount owed. The IRS recently revised its policy of offsetting refunds after accepting an OIC. Previously, the Internal Revenue Manual provided that taxpayer refunds should be offset against a taxpayer’s outstanding tax liability for tax periods extending through the year in which the taxpayer’s OIC was accepted. Beginning with OICs accepted on or after Nov. 1, 2021, the IRS will no longer offset a taxpayer’s refunds for tax periods included in his or her OIC. Contact us for assistance pursuing an OIC. For more details from the IRS: https://bit.ly/3rDTmEh Call or visit our website for more information! www.mjscpa.com/
