LYCOS RETRIEVER 
Irs Offer in Compromise
built 151 days ago
Once the Offers in Compromise has been accepted for processing by the IRS, the IRS will notcontinue with its enforced collection activities. No more wage garnishment or bank account levies while the offer is being reviewed by the IRS!
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For reasons not readily apparent, the "Offer Chart" contained in this material is no longer published in the IRS guidance for Offers in 2001. Why this chart has been omitted is not stated by the IRS.
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[One] hurdle that is often encountered in attempting to get an offer accepted has to do with the standard allowances the IRS allows for certain living expenses. The IRS only allows a certain standard amount to be spent on housing and utilities, automobile ownership and operating costs, clothing, food, and personal care products. If you spend more, tough luck, they'll treat the additional amount a part of the monthly net discretionary amount used in calculating the offer amount you can give them.
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In 2003, the IRS instituted a $150 fee just to apply for an IRS offer in compromise. If your claim for was ultimately rejected, your $150 would not be returned to you. (The fee ... would be applied to your balance if your application was accepted.)
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Instead of following the "Offer Chart," the IRS now suggests that Offerors should call 1 (800) 829-1040 to receive assistance concerning the remaining life of the statute of limitations. Good luck on getting the IRS on the phone.
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The IRS must give you the reasons why your offer was not accepted. The main reason that the OIC could be rejected is that the offer is too low. If the offer is too low, the IRS will state an acceptable amount. You can amend your offer within one month. If this is rejected you can appeal the rejection.
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Irs Offer in Compromise