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Sales & Use Tax Tips for September 2008
OFFERS-IN-COMPROMISE
Assessed But Can’t Pay? Now What?
Offers-in-Compromise can be an effective means of exposure resolution in various states, but key criteria generally need to be met to qualify. States also have laws and procedures that vary depending on the circumstances and amounts in question. Being properly informed ahead of time can help lead to a successful outcome.
Two common determining factors are doubt as to collectability and doubt as to liability. Doubt as to collectability will likely include looking at individual responsible parties’ ability to pay, not just corporate assets. Some other things to consider are expectations of the taxpayer acting in good faith in making the offer-in-compromise, terms for reconsideration if rejected, and the need for written communications not reliance on oral communications.
Our professionals can help minimize potential exposure and make sure your company is in compliance with sales and use tax laws. We can help with offers-in-compromise and other exposure resolution solutions. For more information please see the Exposure Resolution section of our website.
Click here for more Sales Tax Tips or visit our website www.oatax.com. For additional insight on common sales tax concerns, please see the Did You Know? section of our website.
Should you have questions or require assistance please Contact us today or call 1-888-466-2829 to speak with an Olivier &
Associates Sales and Use Tax professional for a no-obligation consultation about your Sales & Use Tax issues.
* This tip is intended to provide general information only and is not to be considered as a substitute for professional advice.
