Offer in Compromise for Decedent's IRS balance due

[Diana Skocypec]

New client, age 22, received several retirement account distributions as the beneficiary of a family member's 401(k)s. The decedent  received an installment agreement bill from the IRS several months after the retirement distributions were made and 10 months after the family member passed away. The retirement distributions were large enough to pay the entire balance due.

The beneficiary is a full time student and a part-time employee who seems to bear the responsibility for the well being of several older family members.

Would it be an exercise in futility to approach the IRS with an Offer in Compromise?

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Diana L. Skocypec

A Tax Lady for All Seasons

Enrolled Agent,  Personal Financial Planner, Notary Public

 

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[Lee Reams]

I don’t understand from you posting why the client received the installment agreement from the IRS in the first place and how that’d tied to an inheritance he got 10 months earlier.

Lee

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	Lee Reams Sr., BSME, EA Chief Content Officer CountingWorks Pro | CountingWorks | TaxBuzz | TaxCPE p: 1.800.442.2477 x240 w: www.countingworkspro.com/  e: lee....@countingworks.com
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