How to Save Offer in Compromise from Being Revoked?
- December 8, 2017
- Posted by: [email protected]
- Category: IRS
Are you happy that IRS has approved your Offer in Compromise and you can now easily come out of the tax debt? Well, although it is the best thing to happen especially when you cannot pay your taxes, it can still be a threat if IRS revokes OIC. Yes! IRS can anytime revoke your right to pay a negotiable amount within a specified time period if you do not follow certain criteria. In that case, the IRS will re-establish the full payable amount on taxes plus penalty and impending interest on the tax liability.
Tips To Save Offer in Compromise from Being Revoked
Taxpayers should keep in mind that once their Offer in Compromise gets approved they need to follow criteria that keep them in the good eyes of IRS. You cannot afford to lose your grip on anything related to the taxation. For this, you should consult a tax expert in Austin so that he/she can guide you as per your specific case. However, there are certain rules that you need to follow once the IRS approves Offer in Compromise.
Be regular with tax filing for next five years!
Once you have lost the reigns of filing tax returns and IRS has considered helping you then do not repeat the same mistake. You should file tax returns on time for the next five years as the IRS is monitoring you during this period.
File taxes by 15th April of every year!
You must not delay filing tax returns even if you need to hire a tax services provider in Austin. In case, you cannot file form 1040 by April 15th then apply for an auto extension which allows you to file taxes by October 15th of the same year. Ask your tax preparer to be on time with tax filing and stick to the deadline. Do not fall into the trap of delinquent taxes again as it would lead to retraction of your Offer in Compromise.
Be on time for tax payment!
This is again a way IRS checks your sincerity towards taxes and ensures whether you deserve the benefit of Offer in Compromise or not. Therefore, any taxes that you owe should be paid within 15th April every year. You can make estimated payments to steer clear of any dues by April 15th.
Once IRS approves an Offer in Compromise, it expects the taxpayer to be regular with filing taxes. It would not allow any mischief or forgetfulness any further and would revoke the offer if you show any kind of negligence. In a nutshell, when you are given a second chance to revive the health of your taxes, you should be careful about handling things and not misuse the opportunity.
You can take help of tax preparers in Austin to ensure that there are no loopholes. Escobar & Associates are one of the most reputed tax services providers in Austin Texas. We help you deal with OIC and suggest tips to save OIC from being revoked. If you need our services then feel free to contact us at http://www.escobarinfo.com/ or call our tax experts on 512-442-3055.