Congratulations. You have been granted tax debt relief and your offer in compromise was accepted by the Internal Revenue Service.
However, you aren’t out of the woods yet.
When you submitted your offer, you made a payment plan with the IRS. Whether this was one single payment, 24 monthly payments or any amount in between, you must make all of these payments on time. If you don’t, your offer could be rescinded and you will still be on the hook for the full amount you owed previously.
You also must stay in compliance for the next five years. This means you have to file every tax return on time or by the extension deadline. You also must pay your tax due in full. Current tax payments are baked into your offer and the IRS expects you to make them.
Any refunds you should receive will be retained by the IRS. You will not receive credit for these in your payments.
Additionally, any federal tax liens will be remain in place until your offer is fully paid.
You also waive your rights to any further appeals of the amount you.
This is a Fresh Start and not a free ride unfortunately. The IRS requires your cooperation and compliance with the law moving forward.