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OIC when on an installment agreement


BulldogTom

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Client has an installment agreement in place with the IRS.   Is going to file an offer.    Do they need to keep making payments on the installment agreement while the offer is being considered?   I know that collection activity stops during the offer consideration period.   Does the installment agreement stop as well, and then pick right back up if the offer is declined?

Thanks in advance.

Tom
Modesto, CA

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Does the installment agreement stop as well, and then pick right back up if the offer is declined?

 

Answer #5 from the first section of this IRS page:  https://www.irs.gov/businesses/small-businesses-self-employed/offer-in-compromise-faqs

 

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Do I need to keep paying my Installment agreement while my offer is being processed?
No.  If you have an installment agreement in place, you do not have to make payments while your offer is being processed.  If your offer is not accepted and you have not incurred any additional tax debt, your installment agreement with the IRS will be reinstated with no additional fee.  

 

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Seriously, I hate searching on the IRS site and can't find 💩 directly because it brings up about 40 pages of unsorted stuff.  I have better luck with Google, and this time it was  "OIC and installment plan" and looked for the best link. It just happened to be the IRS site this time. It looked like a pretty good page of info too. Hope it helps.. 

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