Tuesday, June 7, 2011
Explanation of a Processable OIC
The IRS has determined that there should be a preliminary step before assigning an offer to one of their offer specialists. The significance of this is that you can verify that the IRS has received your offer, but in order for collection action to stop during the determination of an offer, it must be assigned to the specialist. I have had offers held up in the processable offer in compromise stage for up to a year! During this time we were told that the offer was being reviewed. Without making the distinction of who is reviewing it at the offer division, we had mistakenly thought the taxpayer had the “stop collection” protection of the offer division. Luckily, we had negotiated the agreement from the collection officer to stop collections. She also assumed the offer division specialist was working on it, so we were not contacted.
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