Discussion:Difference between installment plan & OIC Deferred Payment
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Discussion Forum Index --> Tax Questions --> Difference between installment plan & OIC Deferred Payment
| 31 January 2006 | |
| What is the difference between doing an installment plan and doing an Offer in Compromise with a deferred payment plan?
It seems to me that the OIC deferred payment has the taxpayer pay monthly future income for the remainder of the statutue of limitation. The installment plan does the same, although the IRS could require a waiver of the statute of limitation under the the installment plan. Is that the difference? Yes, I realize that the OIC also included the liquidation value of the assets, but is that second difference? | |
| 31 January 2006 | |
| Usually, an OIC involves signing a contract to pay less than the full amount due. This is not supposed to happen under an installment agreement. | |
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