Get the free Offer in Compromise (Doubt as to Liability)

Form 656L (January 2006)Department of the Treasury Internal Revenue ServiceOffer in Compromise (Doubt as to Liability)Purpose of Form An offer in compromise is an agreement between the taxpayer and

How to fill out offer in compromise doubt

How to fill out offer in compromise doubt

1. Step 1: Gather all necessary financial documentation like income statements, bank statements, and tax returns.
2. Step 2: Complete Form 433-A(OIC) or Form 433-B(OIC), depending on whether you are an individual or a business.
3. Step 3: Provide detailed information about your financial situation, including your income, expenses, assets, and liabilities.
4. Step 4: Calculate your reasonable collection potential (RCP) using the guidance provided by the IRS.
5. Step 5: Prepare a written narrative explaining the circumstances that led to your tax debt and why an offer in compromise is appropriate.
6. Step 6: Submit the completed offer in compromise package to the IRS along with the required application fee.
7. Step 7: Wait for the IRS to review your offer. They may request additional information or documentation during this process.
8. Step 8: If your offer is accepted, follow the terms of the agreement and make the required payments.
9. Step 9: If your offer is rejected, you have the option to appeal the decision or explore other tax resolution options.
10. Step 10: Consult with a tax professional or attorney for guidance throughout the offer in compromise process.

Who needs offer in compromise doubt?

1. Individuals who owe a significant amount of tax debt that they cannot pay in full.
2. Taxpayers who are experiencing financial hardship and cannot afford their tax liabilities.
3. Business owners who are unable to meet their payroll taxes or other business-related tax obligations.
4. Taxpayers who have exhausted all other options for resolving their tax debt.
5. Individuals or businesses who may qualify based on their specific financial circumstances as outlined by the IRS.

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