Reasonable Collection Potential- The total realizable value of the taxpayer's assets plus any future income. The total is generally the minimum Offer in Compromise amount.
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Courtoons THE BOOK is here!
5 years ago
Showing posts with label Collection Information Statement. Show all posts
Showing posts with label Collection Information Statement. Show all posts
Thursday, May 29, 2008
Wednesday, April 9, 2008
Tax Term of the Week
Collection Information Statement (CIS)- IRS standard financial statements required from individuals and/or self-employed individuals (Form 433-A) and businesses (Form 433-B) that owe IRS taxes and have indicated an inability to pay the liability. IRS uses these forms to determine the taxpayer's ability to pay in full by installment agreement or a hardship situation.
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