![]() You may have up to ninety days or 2 years to make payment to the Internal Revenue Service of the offered amount. ![]() Yes! And in most cases the installment agreement can be suspended while the IRS is evaluating your Offer in Compromise.Ĥ) When the Internal Revenue Service approves an Offer in Compromise, what happens next? Effective tax administration – (i.e., economic hardship)ģ) Even though I am making installment payments, can I do an Offer in Compromise? Doubt as to collectibility (most common) – Doubt exists that you could ever pay the full amount of tax owed. These circumstances are: Doubt as to liability – Doubt exists that the assessed tax is correct. The Internal Revenue Service has the authority to settle or compromise federal tax liabilities by accepting less than full payment under certain circumstances. For many taxpayers, this typically leads to an Offer in Compromise.Īn Offer in Compromise is an out of court agreement between the IRS and the taxpayer that resolves the taxpayer’s liability. By analyzing your situation, we can determine your best course of action. Or you could hire my firm, as an Enrolled Agent who is experienced in the matters of back taxes. Worse you could just ignore them meanwhile the penalties and interest keep piling up. Of course you could just write a check and pay them the full amount, including penalties and interest. When the Internal Revenue Service sends you a notice stating that you owe back taxes, the amount is usually much higher than what you thought because they have tacked on penalties and interest. Can I go to jail or prison for not filing my taxes?ġ) I filed my tax returns but didn’t have the money to pay what was owed.What type of documents will the IRS ask for with an OIC?. ![]()
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