By Keiter CPAs
The IRS has issued final regulations increasing fees for an installment agreement (an agreement with the IRS to pay taxes in installments) and an offer in compromise (an offer to the IRS to settle one’s tax debt for less than what the IRS says is owed). Specifically, effective Jan. 1, 2014, the fee for entering into an agreement to pay taxes in installments has increased from $105 to $120, and the fee for processing an offer in compromise has increased from $150 to $186. However, low-income taxpayers and taxpayers making offers based solely on doubt as to liability will continue to pay no fee.
Sources: Checkpoint; Image, Trusted Tax Attorney.
About the Author
Keiter CPAs
Keiter CPAs is a certified public accounting firm serving the audit, tax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial services, construction, real estate, manufacturing, retail & distribution industries and nonprofits. We also provide business valuations and forensic accounting services, family office services, and inbound international services.
More Insights from Keiter CPAsThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
