CERTIFIED PUBLIC ACCOUNTANTAre you up to your ears intax debt or at odds withthe IRS over your tax liability?You may have more payo ment options than youthinkSu Brown, CPAOffer in compromise (OIC)sentially, an OIC is an agreement with the IRS to settleyour tax liability for less than the full amount owed. Usually, the IRS won't accept an OIC unless the amount youoffer is equal to or greater than the "reasonable collectionpotential" (RCP) from assets you own including realestate, autos, bank accounts and future earnings.The IRS may accept an OIC for one of three reasons:1. There is doubt as to the tax liability2. There is doubt that the full amount owed can be collected3. The compromise is based on effective tax administration (In other words, requiring full payment would cre-te an economic hardship or otherwise be inequitable)The application fee for an OIC is generally S186, althoughthere are certain exceptionsInstallment agreementYou may end up deciding to apply for an installment agree-ment instead if you can't pay the full amount of tax you owewithin the OIC payment parameters. An installment agree-ment allows you to make a series of monthly payments overtime. The IRS offers various options for making these payments, includingDirect debit from your bank accountPayroll deduction from your employerPayment by the Electronic Federal TaxPayment System (EFTPS)Payment by credit cardPayment via check or money orderPayment with cash at a retail partnerThe user fee for installment agreements varies, depending onthe type of payment, but the maximum fee is $225. Interestand possibly penalties will also be added to the amount owed.Which option is better? It depends on your personal situa-tion. Call to discuss what option is right for you.Su Brown & Associates, PLLC77 Southway SuiteLewiston, ID 83501 208 743-7790sbassocsubrown.com

Date: October 10, 2018

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CERTIFIED PUBLIC ACCOUNTANT Are you up to your ears in tax debt or at odds with the IRS over your tax li ability? You may have more pay o ment options than you think Su Brown, CPA Offer in compromise (OIC) sentially, an OIC is an agreement with the IRS to settle your tax liability for less than the full amount owed. Usu ally, the IRS won't accept an OIC unless the amount you offer is equal to or greater than the "reasonable collection potential" (RCP) from assets you own including real estate, autos, bank accounts and future earnings. The IRS may accept an OIC for one of three reasons: 1. There is doubt as to the tax liability 2. There is doubt that the full amount owed can be col lected 3. The compromise is based on effective tax administra tion (In other words, requiring full payment would cre- te an economic hardship or otherwise be inequitable) The application fee for an OIC is generally S186, although there are certain exceptions Installment agreement You may end up deciding to apply for an installment agree- ment instead if you can't pay the full amount of tax you owe within the OIC payment parameters. An installment agree- ment allows you to make a series of monthly payments over time. The IRS offers various options for making these pay ments, including Direct debit from your bank account Payroll deduction from your employer Payment by the Electronic Federal Tax Payment System (EFTPS) Payment by credit card Payment via check or money order Payment with cash at a retail partner The user fee for installment agreements varies, depending on the type of payment, but the maximum fee is $225. Interest and possibly penalties will also be added to the amount owed. Which option is better? It depends on your personal situa- tion. Call to discuss what option is right for you. Su Brown & Associates, PLLC 77 Southway Suite Lewiston, ID 83501 208 743-7790 sbassocsubrown.com

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