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Old 03-23-2006, 10:34 AM
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Join Date: Mar 2006
Posts: 5

another OIC question

What is the name of your state? Texas

Ok, checking around I realize that I should hire a tax attorney to file the OIC for me and that it will take anywhere from 6 mos. to 2 years to complete and get approval. During that time, what happens to my tax debt? Does it grow, collect interest? Are payments suspended (I am currently on a payment plan) during the approval process? Thanks
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Old 03-23-2006, 11:11 AM
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Join Date: May 2004
Posts: 41,378
Quote:
Originally Posted by richie1992
What is the name of your state? Texas

Ok, checking around I realize that I should hire a tax attorney to file the OIC for me and that it will take anywhere from 6 mos. to 2 years to complete and get approval. During that time, what happens to my tax debt? Does it grow, collect interest? Are payments suspended (I am currently on a payment plan) during the approval process? Thanks
They won't suspend the payments, they will continue to expect them to be paid based on the installment agreement. Interest will continue to be charged. Other than the interest, it won't grow unless you owe future taxes that you can't pay.
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