- Penalties and interest will continue to accrue during the offer evaluation process.
- You cannot submit an offer that is only for a tax year or tax period that has not been assessed.
- A Notice of Federal Tax Lien (lien) gives the IRS a legal claim to your property as security for payment of your tax debt. Generally, if a lien is not already filed, a lien will not be filed during the offer evaluation process. If a lien was filed, it will normally not be released until the payment terms of the accepted offer are satisfied, or the tax debt is paid in full, whichever comes first.
- The IRS will keep any refund, including interest, for tax periods extending through the calendar year that the IRS accepts the Offer in Compromise. For example, if your Offer in Compromise is accepted in 2011 and you file your 2011 Form 1040 showing a refund, IRS will apply your refund to your tax debt.
- The IRS may keep any proceeds from a levy served prior to you submitting an Offer. The IRS may levy your assets up to the time that the IRS official signs and accepts your Offer in Compromise as pending.
- If you currently have an approved installment agreement with IRS and are making installment payments, then you may stop making those installment agreement payments when you submit an Offer in Compromise. This will allow you to make your offer payments noted below. If your offer is returned for any reason, your installment agreement with IRS will be reinstated with no additional fee.
- MAKE SURE THAT YOUR OFFER IS DONE RIGHT.
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