When you owe money to the IRS in the form of back tax debt, you may have to seek the tax debt resolution that is the Offer in Compromise. The OIC guide is intended to help you navigate and better understand the process. It is by no means a comprehensive alternative to professional tax counsel. Do seek the guidance of a seasoned tax professional, and your course of action will be better suited to your specific circumstance. And then, should you proceed with an offer in compromise, your chance of acceptance will greatly improve.
Introduction
- Who is eligible for the offer in compromise?
- Offer in compromise: what to do before you file.
- Offer in compromise: calculation of reasonable collection potential.
- Offer in compromise: calculation of monthly household income and expense
- Strategies for presenting your offer in compromise and selection of payment terms
Forms
- Preparing Form 433-A.
- Preparing Form 433-B.
- Preparing Form 656 & Supporting Documentation.
- Doubt as to liability and Form 656-L.
Approval/Rejection
- IRS evaluation of offer in compromise: how likely is your offer to be approved?
- IRS acceptance of offer in compromise as pending.
- Final acceptance and approval of offer in compromise by IRS.
- IRS rejection of offer in compromise: installment and partial-pay installment agreement options.
- IRS rejection of offer in compromise: bankruptcy and not currently collectible options.
- IRS rejection of offer in compromise: 10-year statute of limitations on IRS collecting tax debts.
Seeking Council
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