How To Make An Offer In Compromise to Apply For IRS Tax Relief
Welcome to our webinar How To Make An Offer In Compromise to Apply For IRS Tax Relief
This is what you will learn in this webinar:
What the IRS evaluates before you can build a successful proposal.
- An OIC proposal is made on Form 656 (Offer in Compromise) and includes Form 433-A (OIC) along with the required supporting documents, to help the IRS to consider all the factors they look at including your:
- Asset Equity
Find out if you are eligible.
The eligibility requirements are:
- You filed all your tax returns.
- You received a bill for at least one tax debt included in your proposal.
- You must pay all the required estimated taxes for this tax year.
- You must make all your required federal tax deposits for this year (if you are a business owner or employer).
You need to fill in a set of tax forms during an application:
- Form 656: Offer in Compromise.
- Form 433-A (OIC): Collection Information Statement for Wage Earners and Self-Employed Individuals. The IRS uses this to determine the extent of your ‘financial hardship.’
- Form 433-B (OIC): Collection Information Statement for Business.
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