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Chicago Offer in Compromise Lawyer

Periodic Payments

An Offer in Compromise from a taxpayer to the IRS often involves making periodic payments. If you need help in understanding such an offer, in determining if you qualify for one, or in making your proposed Offer, Attorneys Tax Relief, LLC is here to help. We understand how confusing it can be when dealing with IRS. You will want to submit an Offer that will be acceptable to the government yet still be something you can live with.

Our Chicago Offer in Compromise attorney has helped countless taxpayers across the nation in this matter. Because of our extensive dealings with the IRS, we understand how to prepare an Offer involving periodic payments based on your tax liability and current financial needs that have a likelihood of acceptance. After a thorough review of your situation, we can work with you to prepare and submit such an Offer to the IRS.

Call our Chicago Offer in Compromise Lawyer for a free consultation at (800) 261-6671 or request your consultation online.

How Periodic Payments for Offers in Compromise Work

When you make a periodic-payment Offer in Compromise, you must present your proposed payment amount as part of the Offer along with your first payment. While the Offer is being reviewed by the IRS, you must continue making your payments according to the terms proposed. The remaining balance must be paid within six to 24 months. You must submit your payments with the required form, called an Offer in Compromise Periodic Payment Voucher.

These payments are:

  • Nonrefundable
  • Applied to your unpaid tax liability

You have the option to tell the IRS which liability you would like the payments to cover. This must be put in writing at the time you make the offer or when you make your payment and it cannot later be changed. If you fail to make your payment while the Offer is pending, the IRS will return your Offer and consider it to be withdrawn. Once this occurs, you cannot appeal.

An exception to the above required periodic payments is made to those who meet Low-Income Certification guidelines. Our Chicago tax attorney can determine if you meet these requirements.

Need help? Phone Attorneys Tax Relief at (800) 261-6671 for a free consultation today.

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