Fillable Form Oic-1 - Offer In Compromise (Page 3 of 4) in pdf

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Section 6

Source of Funds

Tell us where you will obtain the funds to pay your offer. You may consider borrowing from friends and/or family, taking out a loan, or selling assets.

Include separate checks for the payment and application fee. Make payable to the "Georgia Department of Revenue" and attach to the front of your

Form OIC-1, Offer in Compromise. Do not send cash. Send a separate application fee with each offer; do not combine it with any other tax payments, as

this may delay processing of your offer. Your offer will be returned to you if the application fee and the required payments are not properly remitted, or if

your check is returned for insufficient funds.

Section 7

Offer Terms

By submitting this offer, I/we have read, understand and agree to the following terms and conditions:

Terms, Conditions, and Legal

a) I request that the Georgia Department of Revenue (“GADOR”) accept the offer amount listed in this offer

Agreement

application as payment of my outstanding tax debt (including interest, penalties, and any additional amounts

required by law) as of the date listed on this form. I authorize the GADOR to amend Section 2 on page 1 in

the event I failed to list any of my assessed tax debt.

GADOR will keep my payments,

b) I voluntarily submit the payments and application fee made on this offer and understand that they are not

fees, and some refunds

refundable even if I withdraw the offer or the GADOR rejects or returns the offer. If the offer is accepted,

I understand that GADOR will apply the application fee to my assessed tax debt and that the GADOR will

apply payments made after acceptance in the best interest of the government.

c) The GADOR will keep any refund, including interest, that I might be due for tax periods extending through

the calendar year in which the GADOR accepts my offer. I cannot designate that the refund be applied to

estimated tax payments for the following year or the accepted offer amount. If I receive a refund after I submit

this offer for any tax period extending through the calendar year in which the GADOR accepts my offer, I will

return the refund as soon as possible.

d) The GADOR will keep any monies it has collected prior to this offer and any payments that I make relating

to this offer. The GADOR may seize ("levy") my assets up to the time that a GADOR official sends a letter

acknowledging receipt of my offer. I understand that after an offer is determined to be complete and submitted

for processing, the GADOR will not act to collect the tax liability while it considers and evaluates my offer.

However, I also understand that the Department will not suspend collection if the Department determines

that I submitted my offer to delay collection or cause a delay that will jeopardize the GADOR’s ability to collect

the tax.

Pending status of an offer

e) Once an authorized GADOR official sends a letter acknowledging receipt of my offer, my offer is

considered pending as of that letter date and it remains pending until the GADOR accepts, rejects, returns, or

terminates my offer or I withdraw my offer. An offer will be considered withdrawn when the GADOR receives

my written notification of withdrawal by personal delivery or certified mail or when I inform the GADOR of my

withdrawal by other means and the GADOR acknowledges in writing my intent to withdraw the offer.

I must comply with my future tax

f) I will file tax returns and pay required taxes for the five year period beginning with the date of acceptance of

obligations and understand I

this offer, or until my offer is paid in full, whichever is longer. If this is an offer being submitted for joint tax debt,

remain liable for the full amount

and one of us does not comply with future obligations, only the non-compliant taxpayer will be in default of this

of my tax debt until all terms and

agreement.

conditions of this offer have

been met.

g) The GADOR will not remove the original amount of my tax debt from its records until I have met all the terms

and conditions of this offer. Penalty and interest will continue to accrue on all sales and withholding tax liabilities

until all payment terms of the offer have been met. If I file for bankruptcy before the terms are fully met, any

claim the GADOR files in the bankruptcy proceedings will be a tax claim.

h) Once the GADOR accepts my offer in writing, I have no right to contest, in court or otherwise, the amount of

the tax debt.

I understand what will

i) If I fail to meet any of the terms of this offer, the GADOR may issue and record a tax execution, if applicable,

happen if I fail to meet the

and initiate enforced collection activities, including levy or garnishment, to collect any amount ranging from the

terms of my offer (e.g.,

unpaid balance of the offer to the original amount of the tax debt without further notice of any kind. The

default).

GADOR will continue to add interest on the amount the GADOR determines is due after default. The GADOR

will add interest from the date I default until I completely satisfy the amount owed.

I agree to waive time limits

j) To have my offer considered, I agree to the extension of the time limit provided by law to assess my tax debt

provided by law.

(statutory period of assessment). I agree that the date by which the GADOR must assess my tax debt will now

be the date by which my debt must currently be assessed plus the period of time my offer is pending plus one

additional year if the GADOR rejects, returns, or terminates my offer or I withdraw it. (Paragraph (e) of this

section defines pending and withdrawal). I understand that I have the right not to waive the statutory period of

assessment or to limit the waiver to a certain length or certain periods or issues. I understand, however, that

the GADOR may not consider my offer if I refuse to waive the statutory period of assessment or if I provide

only a limited waiver. I also understand that the statutory period for collecting my tax debt will be suspended

during the time my offer is pending with the GADOR, for 30 days after any rejection of my offer by the

GADOR, and during the time that any rejection of my offer is being considered by the GADOR.

I understand the Georgia

k) The GADOR may file a state tax execution during the offer investigation and to protect the Government’s

Department of Revenue may file

interest on offers with deferred payments. This tax execution will be released when the payment terms of the

a State Tax Execution on my

offer agreement have been satisfied.

property.

OIC-1 (rev. July 2016)

Page 3

Form Oic-1 - Offer In Compromise Page 3

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