As we have discussed in the past, there are several ways to settle your case. This is the third of the bunch.
The third type of Settlement program which may be right for you in the Offers in Compromise program is the Deferred Periodic Payment. This type of Offer is payable in six or more installments, 25 or more months from the IRS received date, but within the statutory period for IRS to collect the money which is usually 10 years from the date of assessment. The Offer must be accompanied with the first proposed installment and all additional installments paid in accordance with your purposed terms of the Offer you sent in. These payments are to be continued to be made until the IRS works and closes the Offer.
The pros about this type of Offer is that the IRS is off your back and if you keep the terms of the agreement the case is settled for good.
The con side of this type of case is that you cannot miss a payment and that the lien is not released until all payments are made. You really need to consult a professional to help make the proper decision on all types of Offers.
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