Rescinding an OIC and Public Records
The IRS can rescind an OIC if it discovers that you lied about or hid assets. When the IRS agrees an OIC, the local office will keep records of the taxes owed and the amount that was agreed. This record will be open to the public for one year.
OIC Review and Acceptance
When you file an OIC, the IRS has an extra year to collect the taxes you owe, in addition to the time it takes to review your OIC. Interest and penalties will continue to be added to any outstanding balance until such time as your Offer in Compromise is accepted.
The IRS will keep any refunds you are due for tax years before the end of the year in which the OIC is accepted. If you agree to the Offer in Compromise, you no longer have the right to question whether the tax amount stated is correct for any of the years concerned.
The IRS is not obliged to accept an OIC and could ask you to sign a collateral agreement as a condition of acceptance. Under this agreement, you are expected to pay a portion of your future income toward paying off the rest of the debt. However, the sum of these payments can never be more than the amount you owe.