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How the RCP Formula Works – Part 3
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. The IRS Offer-in-Compromise is an agreement to clear a tax debt for less than its face value. How many dollars is the IRS willing to compromise on depends upon a formula. This formula is called the “Reasonable Collection Potential” or RCP for short.
 
My previous two posts covered how the calculations are made to determine an amount that the IRS hopes they can collect from a taxpayer. Now the fun part (at least from my perspective). What can we do to make the formula produce the best deal possible number?
 
Generally, we want the formula to show the least amount of free cash available for payment to the IRS. Let’s also remember that the IRS is used to people misrepresenting their financial position and as a result they are going to demand documentation to back all of these numbers up. Here are a few ideas that can be considered when getting ready to submit this information to the IRS:
Question the values that come out of Zillow and Kelly Blue Book. If they seem out of whack, try and find some other valuation method. If current income in-flows are ... more

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