Wednesday, August 4, 2010

What can I do to protect my Offer in Compromise from being revoked?

If your Offer in Compromise has been approved, you need to make sure the IRS does not revoke your Offer. At all costs, make sure that you:
•File your taxes on-time for the next five years.
•If you cannot file by April 15th, request an automatic extension. Definitely file your taxes by the extension deadline.
•Pay your taxes on-time. If you owe, your taxes must be paid in full by April 15th. Make estimated payments or extension payments to make sure you don't have a balance due.
If the IRS revokes your Offer in Compromise, they will reinstate the full amount of your tax liability, add on penalties and interest, and begin aggressive collection efforts.

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