More details to this question:
I submitted an Offer in Compromise to the IRS in May. I also applied for SSDI that month. Now my SSDI has been approved. This was totally unexpected and has completely changed my situation. Can I amend my Offer in Compromise? Also SSDI paid back payments for 15 months. Can the IRS seize those back payments?
3 ANSWERS
Mihaella Cornelia Smith
You may need to amend your OIC if your financial profile has changed. I recommend speaking with an attorney who specializes in OIC's to help you determine how your new income affects your settlement amount. If you or your attorney is in communication with the IRS, the chances of the IRS seizing your SSDI payments are very low.
Answered on Aug 13th, 2013 at 9:20 PM
Yes, IRS allows you to amend your offer in compromise. Typically, IRS will ask you if you want to amend it based on the change in circumstances.
Answered on Aug 13th, 2013 at 3:33 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You can contact the IRS and tell them that your situation has changed. If you have more income, you can pay the debt off faster and reduce interest ad penalties.
Answered on Aug 13th, 2013 at 3:00 PM