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Page 1 OIC1 Tennessee Department of Revenue Offer in Compromise Application SS # 1. Applicant(s) Name and Street Address SS # FEI # County Daytime Phone # (2. Applicant(s) Mailing Address (If different

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What is offer in compromise?

An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed.

Who is required to file offer in compromise?

Taxpayers who are unable to pay their full tax liability or who have a legitimate dispute about the amount owed may file an offer in compromise.

How to fill out offer in compromise?

Taxpayers must complete IRS Form 656, including detailed financial information and an offer amount based on their ability to pay.

What is the purpose of offer in compromise?

The purpose of an offer in compromise is to help taxpayers resolve their tax debt and avoid further collection actions by the IRS.

What information must be reported on offer in compromise?

Taxpayers must provide detailed financial information, including income, expenses, assets, and liabilities, as well as an offer amount based on their ability to pay.

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