Congratulations!! Your Offer in Compromise (OIC) has been accepted by the IRS. Now that you have an accepted Offer, you must take steps to prevent it from being revoked.

Pay the Offer Amount by the Due Date
The amount of your offer generally must either be paid within five months of acceptance or under a 24 month payment plan. The exact details of your payment can be found on form 656. You must meet the payment terms of your Offer or it will be revoked. You should receive a letter confirming that the payment terms have been met.

Remain in Filing Compliance with the IRS
One condition of the Offer is that you must remain in filing compliance with the IRS for five years. This means that you must timely file all returns by the date they are due (or by the extension date if a valid extension has been filed). Failure to timely file your returns during this five year period may result in your Offer being revoked.

Not Accruing Additional Balances with the IRS
Once you have an accepted Offer, you cannot accrue any additional balances with the IRS. This includes any additional assessments on prior returns, as well as any new balances on future returns. If you file a new return and there is a balance, you must pay it in full with the return. Any unpaid, additional assessments may result in your OIC being revoked.

If you receive notice from the IRS that your Offer is at risk of being revoked, DO NOT IGNORE IT. You need to respond to the notice and take steps to correct the issue. If your OIC is revoked, all balances that were written off due to the Offer will be put back on your account, along with the additional interest and penalties.

To find out if you qualify for Offer in Compromise, please contact us at 877-829-2455 to schedule a initial consultation.