Recently I promised to further discuss requirements for having an Offer accepted and not later revoked.  We assume the technical requirements discussed last time have neem met.           To accept an Offer In Compromise, the IRS must be convinced that your Offer is at least as much as they could collect from you over the remaining years in the Statute of Limitations for your liability.  This includes future income plus current assets that are not exempt.  My job is to present a true picture of realizable assets plus future available income.  In addition, after your Offer is accepted, you must remain current in filing and paying your taxes for at least five years.  This means filing and paying on time!  Also, by filing the Offer you agree that the Statute of Limitations will be extended by a period of time equal to the time from the submission of the Offer until it is paid in full.  Finally, if your Offer is accepted, you give up the right to later contest the amount of your tax liability for the years in question.  There are other minor rules, but these are the most important ones.