Offer not accepted. With an Offer in Compromise (OIC), the IRS can accept less than a taxpayer’s full income tax liability, if certain conditions are met. An OIC is deemed to be accepted if the IRS doesn’t reject it within 24 months after submission. In one case, a married couple mailed an OIC form to the IRS with a $3 million check to satisfy a $3.5 million tax bill. The U.S. Tax Court ruled that the IRS hadn’t accepted the OIC when it cashed the check that accompanied the OIC and then, about 100 days later, refunded the taxpayers’ payment. (TC Memo 2017-84)