Unlike the National Standards, the taxpayer is allowed the lesser of the amount actually spent or the standard. Offer In Compromise Determinations What happens if the IRS accepts an Offer In Compromise?
• The taxpayer must pay the Offer In Compromise amount in accordance with the acceptance agreement. • The IRS will keep any tax refund, including interest due, as the result of an overpayment of any tax or other liability for the tax period extending through the calendar year the IRS accepts the Offer In Compromise. • A taxpayer may not designate a refund and/or overpayment to be applied to estimated tax payments for the following year. This condition does not apply if the Offer In Compromise is based on Doubt as to Liability only. • The taxpayer will waive their right to contest in court or otherwise, the amount of the tax liability. • If a Notice of Federal Tax Lien has been filed against a taxpayer, the IRS will release the lien once all payment terms of the Offer In Compromise are satisfied. • The taxpayer must remain in compliance with filing and payment of all tax returns for a period of five years from the date the Offer In Compromise is accepted or until the Offer In Compromise
Related Questions
- Unlike the National Standards, the taxpayer is allowed the lesser of the amount actually spent or the standard. Offer In Compromise Determinations What happens if the IRS accepts an Offer In Compromise?
- How do you feel about an ISO standard on CSR being proposed by the American National Standards Institute?
- Could national standards actually improve Massachusetts education?
