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LLC formation. Set-up LLC, Corporation Partnership
The new Tax Law effective July 17, 2006 requires taxpayers to pay a NONREFUNDABLE 20% of the amount they offer in an Offer In Compromise with the offer. If they also offer to make monthly payments then they must begin the monthly payments.
The 20% with the OIC and the monthly payments are nonrefundable.
THis means most taxpayers cannot risk submitting an Offer In Compromise.