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  • Brian Barto, EA

Winchester, VA: How to File an Offer-in-Compromise with Periodic Payments (Short-Term Deferred Offer

An offer-in-compromise (OIC) is an “offer” to the IRS to settle your tax debt for less than you owe. One option for the offer-in-compromise is called Doubt as to Collectibility. With this type of offer, you will need to make the case that you cannot pay the entire amount owed. When you prepare an offer, you can offer to pay a “lump sum,” or you can offer to make periodic payments. The acceptance criteria for each type of offer is different, and how you make the payments for each is also different. If you select to apply for a “Lump Sum” Offer, you agree to pay the offered amount within five months of the date of acceptance. Click here to read a previous blog post on How to File a Lump Sum Offer.

A short-term deferred offer, also known as a “Periodic Payment Offer,” is one in which the taxpayer will begin making monthly payments while the Offer is pending and will pay the Offer’s balance in more than..(continue reading)

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