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Offer in Compromise Review

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Offer in Compromise Questions

 

Application Fee Questions

 

211  What does the IRS review when I submit my OIC, Form 656?     (REVISED 8/2004)

The IRS first reviews an OIC to see if it is "processable." Processable is the term the IRS applies to those OICs that have met certain criteria. An OIC is processable if the taxpayer:
 
  • Used the most current versions of Form 656, “Offer in Compromise” and Forms 433-A and 433-B, “Collection Information Statements." The most current versions are: Form 656 (7/2004) and Forms 433-A and 433-B (5/2001);
  • Submitted the $150 application fee, or Form 656-A, “Income Certification for Offer in Compromise Application Fee” with the Form 656;
  • Filed all required federal tax returns;
  • Filed and paid any required employment tax returns on time for the two quarters prior to filing the OIC, and is current with deposits for the quarter in which the offer in compromise was submitted; and
  • Is not a debtor in a bankruptcy case.

 

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