Tax Seminar #3 – December 3 2012

Mr. Yogi Berry
September 19, 2011
Page 2
Some other things you should know:
• The IRS will keep any refunds or credits, including interest, due to you because of overpayment of any
tax or other liability in connection with 2011 or earlier tax years. This includes refunds you may be
entitled to receive in 2012 for any overpayments you made in 2011. Thus, you should be very careful
that your withholding is adjusted appropriately now so that you do not overpay your taxes for 2011.
• As a condition to retain the benefits of the Offer in Compromise, you are required to remain compliant
with all Internal Revenue Service laws for the next 5 years. For example, this means that you must
either file your 2011 tax return by April 15, 2012 or properly file an extension request by April 15,
2012 and then file your tax return by the extension date. REMEMBER: Your 2011 tax liability must
be paid in full by April 15, 2012, even if you file an extension request. You may only extend the time
to file your tax return, not to pay the tax. Again, you must follow this practice for the next five years.
These and other requirements which you must follow to maintain this forgiveness are listed on the 3rd
and 4th pages of the Form 656. I urge you to read each of the items carefully and make certain that you do
not violate any of the conditions of the IRS acceptance.
This might seem like a lot to remember and abide by at first ....but please remember you have now earned
a fresh start and can finally proceed with a clean slate. Again, I congratulate you on this accomplishment.
Please do not hesitate to contact me if I can be of any further assistance.
Very truly yours,
EMD:am
Encl.
E. Martin Davidoff
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