Offer In Compromise Form - Louisiana Department Of Revenue

Offer In Compromise Form - Louisiana Department Of Revenue - 2004 Page 4

R-20211 (8/04)

g. At the time an Offer in Compromise is submitted, the running of the statutory period for collection of the

tax is suspended for the period of time the offer is pending.

h. The investigation of the Offer in Compromise may require extensive verification of financial facts,

statements, and other related items. The investigation may include a personal inspection of businesses,

residences, vehicles, and other financial assets. A full consumer credit report may be obtained before

the offer will be considered. A final decision usually will be issued within six months.

If represented by an attorney, CPA, or enrolled agent, a power of attorney or written consent must be

attached.

No alterations, revisions, or deletions of the preprinted sections of the supplied Offer in Compromise

forms are allowed.

III. Effect of Compromise

a. A compromise shall conclusively settle all tax liabilities of the offerer for the type of tax compromised for

the tax period covered by the agreement. Where a tax liability is reduced by a compromise, penalty and

interest accruing on the portion of the tax eliminated shall also be removed by the compromise, unless

the agreement provides otherwise.

b. A compromise agreement may be reformed or set aside by action of the Secretary of Revenue for the

following reason(s):

1. The financial statement was falsified or assets were concealed;

2. Assets were fraudulently transferred prior to the agreement or were liquidated and/or concealed

during the review process;

3. At the time of the agreement there existed a mutual mistake of a material fact sufficient to justify

reforming or setting aside the agreement.

4. The taxpayer failed to comply with the terms of the agreement.

Offer In Compromise Form - Louisiana Department Of Revenue - 2004 Page 4