Offer in Compromise Quick Summary Fresh Start
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Offer in Compromise Quick Summary Fresh Start


 


Colleen E. Harrison, Enrolled Agent
Certifying Acceptance Agent for the ITIN

Phone: (480) 292-7604
Fax: (480) 203-2963

(Former IRS Revenue Agent, Retired)




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Brief Summary of the Offer In Compromise


Submit your offer


You'll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).  Your completed offer package will include:

  • Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
  • Form 656(s) - individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
  • $186 application fee (non-refundable); and
  • Initial payment (non-refundable) for each Form 656.

Select a payment optionYour initial payment will vary based on your offer and the payment option you choose:

  • Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.

  • Periodic Payment: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.

Note:

If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.






For assistance with tax debt relief, please contact me for a FREE telephone consultation (480) 292-7604 or email me at colleen@harrisontaxresolution.com.


Specialist in the Offer in Compromise (OIC)
(Liability, Collectability, Effective Tax Administration - individuals, businesses, employment taxes trust funds )






Understand the process while your offer is being evaluated:


  • Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
  • A Notice of Federal Tax Lien may be filed;
  • Other collection activities are suspended;
  • The legal assessment and collection period is extended;
  • Make all required payments associated with your offer;
  • You are not required to make payments on an existing installment agreement; and
  • Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.


NOTE:

You cannot apply for the OIC if you are in bankruptcy!








Free telephone consultations.  Contact me at (480) 292-7604. 


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