Thursday, September 01, 2011

Changes to the State Tax in Compromise Program for the Better!

From one of those nifty tax digests I receive regularly:

Individuals seeking a fresh start from overwhelming tax debts may now be eligible for relief under a new hardship provision in the NYS Department of Taxation and Finance's Offer in Compromise Program.

The new provision enables them to accept offers where collection in full
would cause undue economic hardship. Previously, the program was only
available in cases of insolvency or bankruptcy.

For more information, see the Offer in Compromise Reform web page and this PDF document.

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