What is the process after my OIC is approved?
The Board will apply the offered funds to the amount owed and release any tax liens associated with the taxpayer involved in the compromise. If the liability compromised was for an active business, you must file and pay all returns by the required due dates for a five-year period from the date the liability was compromised or your OIC may be rescinded. The Board is required by law to post a public record statement when a compromise of tax and/or penalties in excess of $500 is approved.
