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Uncollectible? Now might be a Great Time to make an Offer
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. Getting the best deal possible with the IRS is all about strategy. The key data input into your strategy is the Reasonable Collection Potential formula that goes by the acronym of RCP.
The RCP in many cases may come out as zero or some small number. This means that it is unlikely that the IRS will be able to collect on that debt and as a result it’s a waste of time to continue pounding on the taxpayer for no return. They will therefore change the status on the case to “Uncollectable”, schedule a revisit for a couple of years down the road, and move on. Typically, the taxpayer will decide that their best plan is to then wait for the Statute of Limitations to run and eliminate the debt.
There is another option to consider in these cases. That is to make an Offer-in-Compromise to settle the debt for some smaller amount. Success with this idea gets the taxpayer out of having to resubmit all their financial information every couple of years and the stress of dealing with the IRS each time. The rub is that they ... more

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