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Prior to filing a Doubt as to Liability Offer in Compromise you should ... Can I send one offer form to compromise both my business and personal taxes? One form ...

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How to fill out offer in compromise

01

Step 1: Gather all necessary financial documents such as bank statements, tax returns, income statements, and expenses.

02

Step 2: Determine your eligibility for an offer in compromise by using the IRS Pre-Qualifier tool.

03

Step 3: Complete Form 656, Offer in Compromise, and Form 433-A(OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals, or Form 433-B(OIC), Collection Information Statement for Businesses.

04

Step 4: Attach all required supporting documents to the forms, including proof of income, expenses, and assets.

05

Step 5: Calculate the amount you are willing and able to pay as a compromise settlement. This can be done using the IRS Offer in Compromise Pre-Qualifier or consulting with a tax professional.

06

Step 6: Submit the completed forms and supporting documents, along with the required application fee, to the IRS address specified in the instructions.

07

Step 7: Await a response from the IRS regarding your offer in compromise. This can take several months for review and evaluation.

08

Step 8: If your offer is accepted, follow the instructions provided by the IRS to fulfill the terms of the compromise settlement.

09

Step 9: If your offer is rejected, you have the right to appeal the decision or explore other options such as installment agreements or currently not collectible status.

Who needs offer in compromise?

01

Individuals who are unable to pay their tax debt in full and have exhausted all other payment options may consider applying for an offer in compromise.

02

Businesses facing financial hardship and unable to meet their tax obligations may also qualify for an offer in compromise.

03

Offer in compromise is available to both individual taxpayers and businesses who meet the eligibility criteria set by the IRS.

04

It is important to consult with a tax professional or the IRS directly to determine if you qualify for an offer in compromise.

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What is offer in compromise?

An offer in compromise is a program that allows taxpayers to settle their 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 debt or can prove that doing so would create a financial hardship.

How to fill out offer in compromise?

Taxpayers can fill out Form 656, Offer in Compromise, and provide all required documentation to support their case.

What is the purpose of offer in compromise?

The purpose of offer in compromise is to help taxpayers resolve their tax debt and avoid further penalties or collection actions.

What information must be reported on offer in compromise?

Taxpayers must report their financial information, including income, expenses, assets, and liabilities.

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