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TREAS/IRS | RIN: 1545-BG32 | Publication ID: Spring 2014 |
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: Kimberly Barsa (202) 317-5437 Reviewing attorney: Joseph Conley (202) 317-5437 Treasury attorney: Alexandra Minkovich (202) 622-3505 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: Kimberly Barsa Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5512, Washington, DC 20224 Phone:202 317-5437 Fax:202 317-5410 Email: kimberly.barsa@irscounsel.treas.gov |