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An offer is considered accepted by the IRS only when the proponent of the offer or his representative is so notified in writing. Oral compromises are not binding.
An OIC will be automatically deemed to be accepted if it is not rejected within 24 months of the date it is submitted.
An offer is not rejected until the IRS issues a written notice to the taxpayer or his representative, advising of the rejection, the reasons for rejection and the right to an appeal.