Taxpayer Relief Gets Welcome News From IRS
Great news, and it is coming right on time. The IRS announced two welcomed changes to tax resolution.
As of November 1, 2021, the OICs accepted, the IRS will no longer keep the current year refund for the year the offer is accepted from the taxpayer. This is great news to help bring some relief to those who are currently going through financial hardship during the pandemic. It is important to note, this is is only afforded to those who submit an Offer and Compromise. So if an offer is accepted on November 15, 2021 and the taxpayer files February 15, 2022 and is due a refund, the IRS will not offset (take the refund!) it.
If you are going through a warship, your case may qualify for the Offset Bypass Refund (OBR). It is available during the time the offer is pending. These new changes were greatly needed, especially in underserved communities that have been hardest hit during the pandemic. These changes are welcome to the tax resolution workspace.