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IndividualDoubtastoCollectability ThispackageincludestheformsrequiredforanindividualtaxpayertofileanOfferin CompromisebasedonDoubtastoCollectability. Ataxpayerwillneedtoprovidesupportingdocumentsasdirectedintheinstructions.
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How to fill out offer in compromise
How to fill out offer in compromise
01
Gather all necessary financial documents and information, such as tax returns, pay stubs, bank statements, and any other relevant documents.
02
Fill out Form 656, Offer in Compromise, including all required sections and attachments.
03
Calculate your offer amount by determining your reasonable collection potential (RCP), which includes your income, assets, and allowable expenses.
04
Complete Form 433-A (OIC) or Form 433-B (OIC) to disclose your financial situation in detail.
05
Include the required initial payment with your offer, which can be a lump sum or the first installment of a periodic payment plan.
06
Submit your offer package to the IRS along with any supporting documents and payment.
07
Wait for the IRS to review your offer. This process can take several months or longer.
08
Cooperate with the IRS during the review process by providing any additional requested information or documentation.
09
If your offer is accepted, follow the terms and requirements outlined by the IRS. This may include making additional payments and staying compliant with your future tax obligations.
10
If your offer is rejected, you have the option to appeal the decision or explore other tax resolution options available.
Who needs offer in compromise?
01
Individuals or businesses who owe a significant amount of back taxes to the IRS and are unable to pay the full amount.
02
Taxpayers who are facing financial hardship and have little or no ability to repay their tax debt in full.
03
Those who have legitimate reasons and evidence to support a doubt as to liability (DTL) or doubt as to collectibility (DATC) for their tax debt.
04
Individuals or businesses experiencing extreme circumstances or exceptional circumstances that prevent them from paying their tax debt.
05
Taxpayers who have exhausted other available options, such as installment agreements or currently not collectible status, but still cannot meet their tax obligations.
06
Anyone who wishes to negotiate a settlement with the IRS to resolve their tax debt and potentially reduce the total amount owed.
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What is offer in compromise?
Offer in compromise is an agreement between a taxpayer and the IRS that settles the taxpayer's tax liabilities 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 and can demonstrate that they cannot pay the full amount owed through installment agreements or other means may be eligible to file an offer in compromise.
How to fill out offer in compromise?
Taxpayers can fill out offer in compromise by submitting Form 656, along with the required financial information and documentation, to the IRS.
What is the purpose of offer in compromise?
The purpose of offer in compromise is to provide taxpayers with a way to settle their tax liabilities for less than the full amount owed, based on their inability to pay.
What information must be reported on offer in compromise?
Taxpayers must provide detailed financial information, including income, expenses, assets, and liabilities, on their offer in compromise.
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