What's on the Offer in Compromise (OIC) page
On this page:
- "Pennies on the dollar"
- Basis of an offer
- Terms and definitions
- Is Your Offer "Processable" ?
- You must be "current" with filing and payment obligations
- Submitting the offer
- If you owe a liability with another
- Prompt response to IRS requests for additional information
- Federal tax lien is NOT released
- IRS keeps refunds
- Fees
- Time for IRS to investigate and approve offer
- Collection action while offer is pending
- Offer amount
- Non-refundable deposit
- Payment options
- Source of funds for the offer
- Collateral agreements
- Statute of Limitations for Assessment and Collection is Suspended
- Existing installment agreements
- Dissipated assets
- Offer is final
- Default by failure to:
- Public inspection of accepted offers
- If your offer is rejected
- Number of offers accepted
links to information on other web sites:
- IRS issues consumer alert to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar” through the Offer Program.
2/3/04 - Missouri offer in compromise 10/15/02
- irs.gov – offer FAQ) 7/12/06
3/31/09 - irs.gov – Offer in Compromise
- irs.gov – Things to know before filing an Offer in Compromise 3/31/09
- irs.gov – Offer Payment Options
- irs.gov – Consumer Alert – Check Carefully Before Applying for an Offer
- irs.gov – Form 656 Offer in Compromise (Revision 2/2007) package