TIPRA revamps OIC program.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. offer in compromise program has undergone big changes as a result of the Tax Increase Prevention and Reconciliation Act of 2005. Taxpayers submitting new lump-sum offers now must make a 20 percent nonrefundable Nonrefundable Not permitted, under the terms of an indenture, to be refundable. , up-front up-front or up·front Informal adj. 1. Straightforward; frank. 2. Paid or due in advance: up-front cash. adv. payment. And taxpayers submitting periodic-payment OIC "Oh, I see." See digispeak. (chat) OIC - oh, I see. also must make a nonrefundable, up-front payment, plus any other proposed payments that are due, while the IRS evaluates the offer. [ILLUSTRATION OMITTED] The IRS also has modified the application process so that an OIC application is deemed accepted if the IRS fails to act on it within two years. For more information, visit www.irs.gov/newsroom/article/0,,id=159954,00.html. |
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