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Tax Pros Tax & Financial Services 1617 Canyon Drive, Suite 201 Pinhole, CA 94564 Tel: (510) 964-9616 Fax: (510) 964-9749 Offer in Compromise (OIC) What you need to know: 1. An Offer in Compromise
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How to fill out offers in compromise

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How to fill out offers in compromise:

01
Gather all necessary financial information: Before starting the process of filling out offers in compromise, it is essential to gather all relevant financial information. This may include proof of income, assets, expenses, liabilities, and bank statements. Having all this documentation ready will help streamline the process.
02
Complete the necessary forms: The next step is to fill out the required forms for offers in compromise. These forms can typically be obtained from the Internal Revenue Service (IRS) website or by contacting their helpline. The forms will require detailed information about your financial situation, including income, expenses, assets, and liabilities.
03
Calculate your offer amount: Once the forms are completed, it is crucial to calculate the offer amount. This is the amount you are offering the IRS to settle your tax debt. It is calculated based on various factors such as your ability to pay, income, expenses, and the value of your assets. The IRS has specific guidelines and formulas to determine the offer amount. You can seek professional help or use the IRS's Offer in Compromise Pre-Qualifier tool to get an estimate.
04
Submit the forms and offer amount: After completing the forms and calculating the offer amount, it is time to submit them to the IRS. Ensure that you double-check all the information provided and attach any required supporting documents. It is advisable to send the forms via certified mail or use a reputable tax professional to assist with the submission process.
05
Wait for the IRS's response: Once the offer and forms are submitted, the IRS will review your application. The review process can take several months, and it is essential to stay patient during this time. The IRS may require additional information or clarification, which should be promptly provided. They will then evaluate your offer based on their guidelines and make a decision.
06
Negotiate with the IRS if necessary: If the IRS determines that your offer is not acceptable, they may provide a counteroffer for negotiation. In such cases, it is crucial to carefully consider the counteroffer and work with the IRS to find a resolution. Negotiating with the IRS can be complex, and professional help from an experienced tax attorney or CPA might be beneficial.

Who needs offers in compromise:

01
Individuals with significant tax debt: Offers in compromise are typically sought by individuals who have significant tax debt that they are unable to pay in full. It provides them with an opportunity to settle their tax liabilities for less than the total amount owed.
02
Taxpayers facing financial hardships: Offers in compromise can also be beneficial for taxpayers who are facing financial hardships, such as job loss, medical expenses, or other unforeseen circumstances. These individuals may not have the means to pay their tax debt in full and can use offers in compromise to alleviate their financial burden.
03
Taxpayers with limited assets and income: Individuals with limited assets and income may qualify for offers in compromise as they may not have the financial capacity to pay their tax debt in full. The IRS considers factors such as income, expenses, assets, and liabilities when evaluating offers in compromise.
In conclusion, filling out offers in compromise involves gathering necessary financial information, completing the required forms, calculating the offer amount, submitting the forms, waiting for the IRS's response, and potentially negotiating with them. Offers in compromise are beneficial for individuals with significant tax debt, those facing financial hardships, and taxpayers with limited assets and income.

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Offers in compromise are an agreement between a taxpayer and the IRS that settles the taxpayer's tax liabilities for less than the full amount owed.
Any taxpayer who is unable to pay their full tax liability can file an offer in compromise.
To fill out an offer in compromise, taxpayers must complete Form 656 and provide detailed financial information.
The purpose of offers in compromise is to help taxpayers who are unable to pay their full tax liabilities reach a compromise with the IRS.
Taxpayers must report their income, expenses, assets, and liabilities on offers in compromise.
The deadline to file offers in compromise in 2023 is typically within 10 years from the date the tax liability is assessed.
The penalty for the late filing of offers in compromise can include additional interest and penalties on the outstanding tax liabilities.
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