offer in compromise

[095489487]

What is the name of your state? NY My husband offered IRS 9,000 to settle a tax debt. IRS came back and wanted 400/month for 40 months (time remaining in 10 year collection period) We have not agreed to this. However my husband just lost his job. He will not make near what he was making ( after 10 yrs was #2 in company). New income may just/maynot cover our expenses. Can we just wait out the 40 months and IRS won't be able to do anything? We may be able to come up with 2,000 but that's it. Should we submit a new oic for 2,000 but doesn't that stop the clock on the 40 months again. It took them over 2 years to decide on our first oic.

 

[abezon]

Your circumstances have changed drastically. You need to amend the OIC.

 

[dakota99]

offer

if you don't mind me asking, why did the irs take so long in accepting your offer? did they say, did you ask? did you try to get the matter settled in a shorter peroid of time, say 6 months or less?

 

[095489487]

The IRS kept moving our files from one office to another. It finally ended up in the Rochester office. They told us it usually takes 12-18 months to review a case. Just when they thought they had us where they wanted us now they may not get anything at all! So much for how quickly the IRS works. One question - if we amend the offer in compromise does the clock stop on the remaining 40 months again? At this rate it could drag on for 20 years

 

[dakota99]

offer

i'm not sure. i've been trying to find out certain information on collection efforts, how the irs works when it comes to income taxes and details of offers in compromise and i am finding it very difficult to get details without paying and often then the people you pay , they don't want to answer your questions, they just want you money and to file paperwork.

i don't know if you did all the OIC paperwork yourself but best thing i can say is that you should contact an attorney, throught your local bar association, and pin the guy down on details. it could make a huge difference if you have to make a new, lower offer because of job loss. perhaps try to repost the question, "does the collection window increase or stay the same after a new offer is submitted?"