Need OIC Assistance

[rkhan71]

Hello folks,

Question on OIC submission during review phase by IRS, will the IRS require a payment arrangement until the IRS makes a decision? I think I have the rest of the ideas of the "Fresh Start" program in place, but want to know about payment arrangements during review process. My client is not making any payments presently.

Thanks.

RFK

[DaveinTexas]

Yes

Payments are required to be made whilst the OIC is in consideration. And, if the offer is rejected, the payments are not refunded, but are applied to the original balance due.

[DaveinTexas]

From IRS website, to expand on my answer

Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
Periodic Payment: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.

[rkhan71]

Thanks for OIC answer

Thank you very much Dave for the information.

RFK

[MDEA]

Oic

Have you tried a partial pay installment agreement?They are much easier to obtain and can be approved in a matter of weeks.

[rkhan71]

Partial Payments Arrangments

Have not looked at partial payments arrangements for a wile. I will look at it again. There was something I did not like about it at the time I was reviewing it though.

Thanks.

RFK