Discussion:Offer in compromise processing time
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Revision as of 18:52, 29 July 2008 DerekCPA (Talk | contribs) (There is no requ) Next diff → |
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| {{ForumReplyPost|UserID=Skasselea|Date=29 July 2008|Text=Why are we answering a question for someone that hasn't posted a profile? Chances are very high that it is from a non-tax pro otherwise it is highly unlikely they would be asking about California Franchise Tax Board Offers which are virtually never accepted.}} | {{ForumReplyPost|UserID=Skasselea|Date=29 July 2008|Text=Why are we answering a question for someone that hasn't posted a profile? Chances are very high that it is from a non-tax pro otherwise it is highly unlikely they would be asking about California Franchise Tax Board Offers which are virtually never accepted.}} | ||
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| + | {{ForumReplyPost|UserID=DerekCPA|Date=29 July 2008|Text=There is no requirement to post a profile in order to ask a question.}} | ||
Revision as of 18:52, 29 July 2008
Discussion Forum Index --> Basic Tax Questions --> Offer in compromise processing time
Discussion Forum Index --> Tax Questions --> Offer in compromise processing time
| 28 July 2008 | |
| How long are the offer in compromises taking to process by the IRS? How about the State of
California? Thank you and I hope you are enjoying your summer. | |
| 28 July 2008 | |
| Can't speak to California.
As far as IRS, they have been taking six to twelve weeks to be assigned. Last two had to go thru Appeals and took another five and nine months to be accepted. Fastest was six months start to finish, the other was a year. | |
Kmikeburns (talk|edits) said: | 28 July 2008 |
| My experience has been around 12 months to get through the process.
Once we got that close they have requested updated information. It seemed as though the plan was to take enough time processing the OIC that the taxpayer would have to find a way to have more income so that the offer could be denied. I have only been able to get a few through and the taxpayer had to be really in bad financial shape. The most notable being where the OIC was about to be denied when the taxpayer bought a new car on credit going further in debt. I thought common sense would dictate that IRS would turn down the offer because if she could buy a new car she could pay them. Not So. The additional debt was enough to push the balance sheet off the edge. So much for calculating "common sense" into the equation. You would think I would know better. | |
| 29 July 2008 | |
| My experience is around a year to get through the process. I do OIC only in exceptional cases. The IRS only accepts a small percentage. For most OIC filers, it is a waste of time. A more effective route is to set up an installment agreement. As always, it is a facts and circumstances issue. | |
| 29 July 2008 | |
| Why are we answering a question for someone that hasn't posted a profile? Chances are very high that it is from a non-tax pro otherwise it is highly unlikely they would be asking about California Franchise Tax Board Offers which are virtually never accepted. | |
| 29 July 2008 | |
| There is no requirement to post a profile in order to ask a question. | |
