MEMBER ARTICLE: Funding Offers in Compromise From the Taxpayer's Retirement Plans: How Much Is Enough?

Authors: By Barry H. Sacks, Emily J. Kingston, and Stephen R. Sacks

Publication: Journal of Taxation Volume 114, Number 05, May 2011

Summary: When a taxpayer with an outstanding tax liability depends on a retirement plan account to cover basic living expenses, it may be difficult to determine how much to offer in compromise of that liability without putting the taxpayer at risk of economic hardship. Factors that must be taken into account include the probability of the taxpayer's survival and the probability that the retirement fund will not be depleted in

the taxpayer's lifetime.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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