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OIC approved; subsequent bump in income.

  
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Subject Author Date
OIC approved; subsequent bump in income. BobLeavitt 04-27-2008
Posted by BobLeavitt on April 27, 2008, 10:52 pm
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 Assume IRS approves Offer In Compromise calling for installment payments of a
certain amount spread over 24 months. At some point during the 24 months, TP's
income increases significantly because employer institutes bonus program. Is
IRS locked into the OIC agreement or is IRS likely to come back to TP to
increase amount previously agreed to?

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Posted by Arthur Kamlet on April 27, 2008, 11:12 pm
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>Assume IRS approves Offer In Compromise calling for installment payments
>of a certain amount spread over 24 months. At some point during the 24
>months, TP's income increases significantly because employer institutes
>bonus program. Is IRS locked into the OIC agreement or is IRS likely to
>come back to TP to increase amount previously agreed to?


So long as the payments are timely and in at least the amount agreed
I would not be concerned about the IRS balking.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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