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TREAS/IRS | RIN: 1545-BG32 | Publication ID: Spring 2009 |
Title: Partial Payments on Offers in Compromise | |
Abstract: These proposed regulations would amend existing regulations regarding the submission of offers in compromise to reflect changes to the law made by section 509 of the Tax Increase Prevention and Reconciliation Act of 2005. The regulations would require persons proposing to settle their tax liabilities for payments of less than the total amount determined and assessed to make partial payments when submitting their offer to compromise and while the offer is under consideration. The regulations would waive the partial payment requirement under specific conditions. The proposed regulations would also clarify when an offer in compromise is deemed accepted if the IRS has not taken action with respect to the offer within 2 years of the offer being submitted. | |
Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
CFR Citation: 26 CFR 7122 (Revision) | |
Legal Authority: 26 USC 7805 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-142004-06 Drafting attorney: Kevin G. Gillin (202) 622-3620 Reviewing attorney: Joseph Conley (202) 622-3620 Treasury attorney: Anita Soucy (202) 622-1766 CC: PA: Branch 5 | |
Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Federalism: Undetermined | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Kevin G. Gillin Attorney Department of the Treasury Internal Revenue Service Room 5555, 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 622-3620 Fax:202 622-8882 Email: kevin.g.gillin@irscounsel.treas.gov |