Compliance

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Before you can submit an OIC you must be compliant on filing all past returns and up to date on current year withholdings and/or estimated tax payments. This must be up to date and appearing on IRS computer systems before submitting your OIC.

You must be up to date on filing any taxes, and paying taxes for the year in which the OIC is submitted. To include the current year in your offer (if you are far into the year and it’s impossible to catch up) you will have to risk Collections and delay submitting your OIC until next year.

This includes all and any personal and business taxes that may be relative to you. If you are involved in any entities that have a tax effect on you, they must be filed.

Estimated tax payments and/or adequate withholding from wages must be made for the current tax year in which the offer is submitted so there will not be a tax due when the current year’s tax return is filed, or that any balance due will be low enough you can immediately pay it.

If you are filing in a current year (e.g. 2016) and last year’s return (e.g. 2015) has not yet been filed either because the due date (Apr 15) has not come yet, or you have an extension filed, you must file that return regardless of the future due date or any extensions to file. Otherwise, you must wait to file the OIC until after the return has been filed. The same is true of business returns.

You cannot hold off on filing a return until after the OIC is filed as a tactic to try to get the refund from that return to not be offset as a part of the OIC process. The IRS has built in measures that prevents you from doing that. It’s complicated and I will explain in a later article.

Once you have your records organized and the forms completed, get the OIC filed. It is a process can take 6 months to a year, sometimes longer depending on any complications of your case. Sometimes if too much time passes, you may have to provide updates of your information.

Other Articles: (in process of updating and posting to the web. Available when there is a link.)

Tips, Tricks, and Traps to Avoid

Identifying your income

When to Submit Your OIC

What Information Is Needed to Complete an OIC Package?

Future Income

Necessary and Allowable Living Expenses

Dissipated Assets

Collateral Agreements

Annuitizing Assets to Produce Future Income

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