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#4
07-26-2004, 04:50 AM
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 Re: OIC and tax refund - quote - > Note that once an OIC has been submitted and is
Wrong answer!!!!> deemed processable, your client can stop making > the IA payments. per Item 8 #(f) of the Form 656.. lesstax << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
07-21-2004, 05:20 AM
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| Re: OIC and tax refund It doesn't matter--it will be applied to the IA regardless of whether or not you submit an OIC. Note that once an OIC has been submitted and is deemed processable, your client can stop making the IA payments. Charles Markham, EA "Jan Zobel EA" <busbks[at]aol.com> wrote: - quote - > My client will be submitting an OIC for past year taxes that > she owes. She's currently on an installment plan but unable > to keep up with the payments. She's due a $5000 refund on > her 2003 return which is on extension. Would it be best to > put her on 2nd extension and file the OIC before filing the > return or will the $5000 be applied to her installment > agreement anyway so it really doesn't matter? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
07-13-2004, 11:45 PM
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| Re: OIC and tax refund busbks[at]aol.com (Jan Zobel EA) wrote: - quote - > My client will be submitting an OIC for past year taxes that
Jan, it doesn't matter. Refunds will be held for all years> she owes. She's currently on an installment plan but unable > to keep up with the payments. She's due a $5000 refund on > her 2003 return which is on extension. Would it be best to > put her on 2nd extension and file the OIC before filing the > return or will the $5000 be applied to her installment > agreement anyway so it really doesn't matter? up through the tax year during which the Offer is accepted. Since it will likely not be accepted until sometime in 2005, she will lose the refund for 2003, 2004 and 2005. This is precisely why we strongly advise clients to have zero tax due and do their best to not "overwithhold". That credit CANNOT be moved forward so basically, she is SOL. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
07-13-2004, 11:26 PM
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| Re: OIC and tax refund "Jan Zobel EA" <busbks[at]aol.com> wrote: - quote - > My client will be submitting an OIC for past year taxes that
They're going to take the $5k either way.> she owes. She's currently on an installment plan but unable > to keep up with the payments. She's due a $5000 refund on > her 2003 return which is on extension. Would it be best to > put her on 2nd extension and file the OIC before filing the > return or will the $5000 be applied to her installment > agreement anyway so it really doesn't matter? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-13-2004, 10:29 PM
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| Re: OIC and tax refund read the form 656. the irs will keep any refunds due during the year the offer is approved. (which may not be until 05) also they will keep the $5000 and apply it to the oldest tax year. advise your client to change her w4 to the extent that she will get no refund or owe next april. also they may reject the offer because she is not in compliance with her filings so file 2003 asap. happy trails, lesstax busbks[at]aol.com (Jan Zobel EA) wrote: - quote - > My client will be submitting an OIC for past year taxes that
read the form 656. the irs will keep any refunds due during> she owes. She's currently on an installment plan but unable > to keep up with the payments. She's due a $5000 refund on > her 2003 return which is on extension. Would it be best to > put her on 2nd extension and file the OIC before filing the > return or will the $5000 be applied to her installment > agreement anyway so it really doesn't matter? the year the offer is approved. (which may not be until 05) also they will keep the $5000 and apply it to the oldest tax year. advise your client to change her w4 to the extent that she will get no refund or owe next april. also they may reject the offer because she is not in compliance with her filings so file 2003 asap. happy trails, lesstax << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-09-2004, 06:17 PM
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| OIC and tax refund My client will be submitting an OIC for past year taxes that she owes. She's currently on an installment plan but unable to keep up with the payments. She's due a $5000 refund on her 2003 return which is on extension. Would it be best to put her on 2nd extension and file the OIC before filing the return or will the $5000 be applied to her installment agreement anyway so it really doesn't matter? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| oic, refund, tax |
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