Offer in Compromise Retired Debt
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– Joe Mastriano, CPA
Joe is a member of the Sugar Land Rotary, whose mission includes promoting integrity, fellowship, and good will.
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Offer in compromise retired debt is debt paid off during the time period of the offer in compromise (OIC) is part of the IRS’s review of your offer. It’s used to judge whether they think your offer is reasonable.
Knowing when and how this happens will affect the OIC terms throughout the time the agreement is in effect.
Knowing when and how to negotiate these terms and payment conditions is best left to a professional able to understand how the IRS thinks and views your OIC.
You don’t want to do it yourself or let an inexperienced representative handle this.
To get that professional experience, contact us right away. Free Evaluation
Retired Debt – OIC Acceptance
As part of your offer, certain debt payments for a mortgage, vehicle, etc. are considered as allowable expenses. These expenses are subtracted from income to determine the monthly income available for payment.
As with an installment agreement, the collection division must give consideration to the time period that it will take for the debt to be paid.
For example, if a vehicle only has 5 payments left, then after 5 months the taxpayer will not have that expense anymore. At that time, it may be removed from the calculation as retired debt. You can argue that you now have additional expenses or need to purchase a new car. You may or may not win those arguments.
Of course if a mortgage payment will end soon, you will still be allowed the table amount for your living expenses.
There are other retired debts a you may have that will clearly be not allowed. This must be taken into consideration when filing an offer or the IRS will decided you can afford to pay more than what you think you can afford to pay.
As a firm, we take into account the many ways the offer division of the IRS has rejected or modified offers and do our best to anticipate these adjustments. Knowledge, experience, and professional training usually wins out over any gimmicks people try to use when dealing with the offer division, including dealing with the issue of retired debt.
If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
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