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RECORD OF PROCEEDINGSIN THE CASE OF:BOARD DATE: 21 April 2005DOCKET NUMBER: AR20040003279I certify that hereinafter is recorded the true and complete record of the proceedings of the Army Board for
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OIC records refer to Offers in Compromise records, which are documents filed with the IRS allowing taxpayers to settle their tax debts for less than the full amount owed.
Taxpayers who cannot afford to pay their full tax debts and wish to settle for a lower amount must file OIC records.
To fill out OIC records, taxpayers must complete IRS Form 656, provide necessary financial information, and submit it along with a $205 application fee.
The purpose of OIC records is to provide a way for taxpayers in financial hardship to negotiate a settlement with the IRS for a lower tax liability.
OIC records must report personal information, financial information, tax liability details, and reasons for submitting the offer.
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