Frequently Asked Tax Questions And Answers
Keyword: bill/debt/liability agreement/payment agreement/ owe tax payment/ tax bill/oic/offer in compromise
1.5 IRS Procedures: Collection Procedural Questions
How do I complete an OIC
First obtain a Form 656 (PDF), Offer in Compromise
Package (Revised 5/2001. The package includes information and instructions
for completing the form, as well as a worksheet that can be used to calculate
an amount to offer. Form 433-A (PDF) , Collection
Information Statement for Wage Earners and Self-Employed Individuals,
and Form 433-B (PDF) , Collection Information
Statement for Businesses (Revised 5/2001), are included in the Form 656
package and may need to be completed as well depending upon individual situation.
Taxpayers will need to review and include amounts for items such as housing
and utilities from the Collection
Financial Standards, and Necessary
Expenses, to complete their collection information statements (s).
NOTE: For corporations and partnerships, Form 433-A
may be requested from corporate officers and individual partners.
References:
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