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If my offer in compromise is accepted, what are the payment term options available to pay the compromised balance?
When submitting your application, you may choose one of the following payment term options:
- One time, lump sum payment to be paid within 30 days of the date of the acceptance letter.
- Periodic payments to be paid in equal monthly installments within 5 months beginning 30 days of the date of the acceptance letter.
- Installment plan to be paid within 6 and generally not more than 24 months to begin within 30 days of the date of the acceptance letter.
Note: The terms of the payment may affect the amount of the offer considered acceptable.