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Internal Revenue Bulletin:  2003-41 

October 14, 2003 


Table of Contents

T.D. 9086 T.D. 9086

Final regulations under section 7122 of the Code impose a $150.00 user fee for the processing of offers to compromise effective November 1, 2003. The user fee does not apply to offers based on doubt as to liability or offers made by low income taxpayers. The fee will be applied against the amount of the offer or refunded to the taxpayer if the offer is accepted to promote effective tax administration or accepted based on doubt as to collectibility where there has been a determination that, although an amount greater than the amount offered could be collected, collection of more than the amount offered would create economic hardship within the meaning of regulations section 301.6343-1.

REG-140378-01 REG-140378-01

Proposed regulations under section 6334 of the Code relate to property exempt from levy. The regulations have been revised to provide guidance with respect to the procedures for obtaining prior judicial approval of certain principal residence levies and for exemption from levy for certain residences and business assets. The regulations have also been revised to reflect recent legislative changes.

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