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COVID-19 May Cause Defaults in Compromise and Settlement Agreements with the Texas Comptroller

By David E. Colmenero and Alex J. Pilawski on March 20, 2020

Along with the many ails COVID-19 brings to the table is the possibility that it will cause a default on payments due under Compromise and Settlement Agreements with the Texas Comptroller. The potential implications of a default are significant, including immediate assessment of any tax, penalties and interest waived under the terms of the agreement, loss of appeal rights, and personal liability for any guarantors.  Taxpayers affected by the COVID-19 who previously entered into a Compromise and Settlement Agreement with the Texas Comptroller should consider requesting an extension of the payment due dates rather than risking a default.  While extensions must be approved by the Texas Comptroller, COVID-19 and its economic fall-out represent a development very few could have foreseen and at least arguably may provide a fairly compelling basis for such request.