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OFFER IN COMPROMISE

To provide all the information available on Offer in Compromise, would be longer than all the other information combined in this web site. We will try to condense without leaving out important information.

On February 3, 2004, the IRS issued a consumer alert advising taxpayer to beware of promoters claims that tax debt can be settled for “pennies on the dollar” through the Offer in Compromise Program. “We are increasingly concerned about unscrupulous promoters charging excessive fees to taxpayer who have no chance of meeting the program’s requirements.” “Other options, such as monthly installment agreements…must be explored before an OIC can be submitted.

Here are important facts about OIC:

• All taxpayers do not qualify for an Offer in Compromise. If you have the ability to fully pay your tax liability in a lump sum or by a monthly installment agreement, an OIC will not be accepted.
• OIC payments are non-refundable. The IRS considers the 20% payment for a lump sum offer and any periodic payments as “payments on tax” and are not refundable, regardless of whether the offer is declared not-processible or is later returned, withdrawn or terminated by the IRS.
• Federal tax liens are not release until the terms of the OIC are satisfied or until the liability is paid. A Notice of Federal Tax Lien may be filed during the course of the OIC investigation.
• The IRS will keep any refund extending through the calendar year the IRS accepts the OIC.
• The statutory period for collection is suspended during the period that the OIC is under consideration and is further suspend if the OIC is rejected by the IRS and the taxpayer appeals the rejection.
• If your offer is accepted, your must timely file all tax returns and timely pay all the tax for five years. Failure to adhere to these terms will result in default of the offer and the IRS will collect the amounts originally owed plus penalties and interest.
• If you have an installment agreement you are not required to make the payments while the offer is being investigated.
• The IRS has 24 months to accept or reject an OIC. After 24 months the IRS is under mandatory acceptance per IRC 7122 (f).

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