Here is my Accounting Today article on the simple IRS payment plans – the 36-month plan (guaranteed installment agreement), 72-month plan (streamlined installment agreement), and the 84-month payment plan (84-month pilot program for those who owe between $50,000-$100,000).

My Accounting Today article on the continuing trials and tribulations of Wesley Snipes and the IRS.    Wesley Snipes and his counsel missed a very important element of the offer in compromise program:  the dissipated asset rule.    The moral of the story:  you can shed your assets and then try to not put them in the offer amount as part of an OIC.    OIC offer amounts is your “reasonable collection potential” – the formula is your net equity in assets (including any assets dissipated three years prior to the OIC application) plus amount that would be paid if you were to have an installment agreement with the IRS.  As you can expect, the OIC went south after the IRS asked about the dissipated assets.

If you are considering an IRS offer in compromise, here are 14 basic principles you need to know.  My Accounting Today article highlights many of the details and answers the important question:  do you qualify for an OIC?