WHAT TO EXPECT AFTER FILING THE OIC
- It goes to a processor to determine whether it is “PROCESSIBLE.”
- IRS may return OIC to client; advise client to notify you as soon as they hear ANYTHING or receive ANYTHING from the IRS.
- If the IRS Requests Information, comply timely or the OIC will be returned.
- Letter with attachments
- Asset Equity table analyzing the value for OIC purposes.
- Income Expense table analyzing client’s excess income.
- Must review and respond in writing to the analysis.
- Usually given 30 days to respond to the preliminary analysis.
- Advise In The Response That You are REQUESTING APPEALS CONSIDERATION
- If OIC Is not accepted, you can appeal.
- More offers are settled at appeals than at the offer specialist level.