If you want to know how you can file for an Offer In Compromise, below you will learn about what to do to get an IRS OIC for personal or business taxes.
See our video explanation of how to file for an offer in compromise if you prefer to watch it.
First, you need to fill out the proper forms:
Form 433-A(OIC) for individuals or Form 433-B(OIC) for businesses. See our tax relief forms page to get the appropriate forms for your Offer In Compromise
This form is a financial statement. The IRS uses this to determine the collectibility of the person or business applying for a tax settlement. Sole Proprietorships should use Form 433-A(OIC).
Form 656 is the same form for both individuals and businesses
Here you put how much you are offering and payment details. Make sure to check for a fee and down payment waiver if you qualify and are applying as an individual. Businesses do not qualify for fee or down payment waivers.
At the end of Form 433-A(OIC) and Form 433-B(OIC) there is a list of all the documents that need to be submitted with an Offer In Compromise.
For individuals filing Form 433-A(OIC), these docs are:
Here are the docs needed for a business filing IRS Form 433-B(OIC):
Either scan up the entire package you are sending, or make a copy of it. Mail it out by USPS Certified Mail with a return receipt. Make a copy of the certified mail certificate, save the return receipt when you receive it.
You should get a letter back in about 30 days that the IRS is processing your offer. That letter will have a date on it by which they should be contacting you again.
If your case was in collections or assigned to a Revenue Officer, let them know you submitted an OIC. Then just wait for the OIC department’s response.
If the task seems daunting or you just don’t want to do it yourself, we can help.
If you think you could benefit from the help of a tax attorney, schedule a consultation with one of our expert tax attorneys here or call us at (888) 515-4829.
We will give you an accurate assessment of whether you qualify for an Offer In Compromise or not. No sales gimmicks, just an honest opinion.
Sometimes Offers are not the best way to resolve a case. If you are not sure, have someone evaluate the options for you. I would not trust the opinion of a salesperson at a tax relief company.
This article endeavors to provide an exhaustive exploration into the intricacies of foreign trusts, aiming to offer clarity for trustees,… Read More
Understanding the ins and outs of providing free meals and/or lodging to your employees can be a bit daunting, but… Read More
As state tax revenues taper off from their peak levels, there's a growing debate over the financial viability of the… Read More
Imagine a dynamic sales tax environment across the United States, where navigating sales tax regulations feels like solving a puzzle,… Read More
As we set sail into another year of navigating sales tax landscapes, there's a wave of anticipation for the exciting… Read More
Attention self-employed individuals and small business owners! If you haven't yet claimed your sick and family leave tax credits, it's… Read More