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Originally Posted by Lajazz947 Hello,
After the 2007/2008 meltdown I was granted an Offer in Compromise and was making payments when I was notified that I was being audited.
They said that the OIC was therefore no longer acceptable.
Is this true? I am fighting the new figures as per the audit but the review is not completed yet.
If I have to I will file a new OIC because while things have gotten much better there is no way that I can meet the old or the new obligations.
Advice?
Thank you so much. |
After the 2007/2008 meltdown I was granted an Offer in Compromise and was making payments when I was notified that I was being audited.They said that the OIC was therefore no longer acceptable. Is this true? ===no; offer in compromise may be an option for you to settle this IRS debt. Interest continues to accrue on your liability while your OIC is being evaluated/audited. But most collection actions will be suspended while your OIC is being considered.You are not eligible if you are in an open bankruptcy proceeding. With an OIC, the IRS and the taxpayer agree to settle the taxpayer's debt for less than the amount of taxes owed, even after an audit.
If your offer is rejected .You may appeal a rejection within 30 days using Request for Appeal of Offer in Compromise .
I am fighting the new figures as per the audit but the review is not completed yet. If I have to I will file a new OIC because while things have gotten much better there is no way that I can meet the old or the new obligations.========>>possibly.in principle, once the IRS audits you, it compares your tax return against your records to see if you have underpaid your taxes. If they find an underpayment, then, needless to say, you will have to make arrangements with the agency to bring your account current. The irs will also levy penalties and interest, although you may be able to have them reduced or even eliminated. as the IRS completes your audit, you get a final statement showing what you owe. However, you don't owe the taxes as of the date of the audit. However, you owe the taxes from the date that you should have paid them. In general aslongas the audit comes 3years after you should have paid the taxes, you'll be billed for the taxes as well as three years' worth of penalties and interest. Furthermore, penalties and interest will keep accruing after the audit until you pay off your balance in full. If you are audited on the same items two years in a row with no additional taxes due, the IRS manual actually recommends that you not be audited for the same items for another year.