Offers in Compromise. Five Year Compliance.

By Michael Sullivan | Published: September 18, 2009

Lets say your Offer in Compromise is accepted. You absolutely must file all tax returns and timely pay all taxes for the next five years, or until the offered amount is paid in full, whichever comes first. Failure to stick to these rules negates the OIC completely, it defaults, and the IRS may collect the amounts originally owed plus penalties and interest. This is a real bummer.

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Related posts:

  1. Offers in Compromise, Numbers and Facts.
  2. Offers in Compromise. Most People Do Not Qualify.
  3. BEWARE-Accepted Offers in Compromise- A rare thing- Former IRS Agent
  4. How many Tax Returns go unfiled each year?
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