IRS offer in compromise

[SGTRECON39]

Hi.

I submitted a OIC and the IRS made a counter offer. I signed the agreement and sent it back. Apparently it still has to go through a couple of steps before I get the finalized agreement sent back with the payment plan? Anyone know how long this takes once you have agreed to the counter offer? Is it pretty much a done deal at this point?

Any answers would be appreciated

[pipeguy]

If you accepted their counter offer then 4-6+ weeks but be SURE to start and continue to make the agree payments or the'll cancel the agreement as "defaulted". You can of course counter offer their counter offer and they might accept your lower offer if your documents back up your offer - but continue to make those payments as it drags out.

Edit Add:  One you agree (you and the IRS) do NOT default on your paymants or future taxes (they'll keep any refund you may get this year in addition to your offer). Any default voids the agreement. resets the due amount to the original demand and uses anything you've paid as "liquidated damages".

[gdale6]

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@pipeguy wrote:

If you accepted their counter offer then 4-6+ weeks but be SURE to start and continue to make the agree payments or the'll cancel the agreement as "defaulted". You can of course counter offer their counter offer and they might accept your lower offer if your documents back up your offer - but continue to make thos payments as it drags out.

Edit Add:  One you agree (you and the IRS) do NOT default on your paymants or future taxes (they'll keep any refund you may get this year in addition to your offer). Any defult voids the agreement. resets the due amount to the original demand and uses anything you've paid as "liquidated damages".

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Those crooks have it figured out coming and going.

[SGTRECON39]

Thanks for replying. When I first submitted the offer I had to make payments until I heard back. Once I agreed to the counter offer they told me to NOT make anymore payments until I heard back from them with the final agreement of terms. I was told it takes a while but not sure what or how long that equates to?

[SGTRECON39]

Also the counter offer to me was a lump sum of 7200 vs 65k that I owed. Since I had made payments since my initial application of 1500 that leaves 5700 left to pay but I have to wait until I get the final agreement of terms with payment schedule. Has to be paid in 5 months or less.

[pipeguy]

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@SGTRECON39 wrote:
Thanks for replying. When I first submitted the offer I had to make payments until I heard back. Once I agreed to the counter offer they told me to NOT make anymore payments until I heard back from them with the final agreement of terms. I was told it takes a while but not sure what or how long that equates to?

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I suppose each "agreement" is a bit different, just keep everything and write down every name, time, conversation. If "they" said don't make any more payments until you hear back, that is what you do - mine was different, I had to continue to make payments and no lump sum (24 month payments).

[jade200]

Did they accept it?

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@SGTRECON39 wrote:
Also the counter offer to me was a lump sum of 7200 vs 65k that I owed. Since I had made payments since my initial application of 1500 that leaves 5700 left to pay but I have to wait until I get the final agreement of terms with payment schedule. Has to be paid in 5 months or less.

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[OmarGB9]

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@jade200 wrote:

Did they accept it?

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@SGTRECON39 wrote:
Also the counter offer to me was a lump sum of 7200 vs 65k that I owed. Since I had made payments since my initial application of 1500 that leaves 5700 left to pay but I have to wait until I get the final agreement of terms with payment schedule. Has to be paid in 5 months or less.

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@jade200, this topic is 6+ years old. The OP hasn't been back in years.