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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55594
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I have offer in compromise ( OIC ) in effect year. The

Customer Question

I have offer in compromise ( OIC ) in effect for a year. The OIC states that I and my wife has to file and pay the taxes for 5 years in time to keep this OIC in effect. I can not pay the tax due in full for year 2015. Should I get an extension, because the OIC allows extension, or file and make partial payment.
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.
Good morning. My name is ***** ***** I look forward to helping you. I would file an extension and make a partial payment of what you estimate you are going to owe when your return is filed. The extension is automatic just by filing and gives you until October 15 to file your return. You will owe penalty and interest on the late payment of the tax, but if you pay when you file then you won't impact your OIC. But, if you file your return now, you'll need to pay the tax when the IRS sends you a notice in about 30 days. So, the extension buys you the time you need. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!