Offer in Compromise Questions

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Offer in Compromise Questions

Processing Your OIC

303 What are the common errors when preparing an offer in compromise?

The following are key items that require the IRS to request corrections and delay the processing of OICs:

Incorrect address (don't use P.O. Box, must use street address), Form 656, Item 1.
Taxpayer identification numbers missing or incorrect on Form 656, Item 2.
EIN not included for an offer on a sole proprietor liability, From 656, Item 3.
Tax liability periods/years missing on Form 656, Item 5.
Tax periods included where no tax is due, Form 656, Item 5.
Reason for compromise not checked, Form 656, Item 6.
No "offer to pay" amount or an inappropriate amount shown on Form 656, Item 7.
OIC includes joint liabilities without signatures of both parties, Form 656, Item 11.
OIC includes single liabilities, but has signatures of two parties.
OIC submitted by single taxpayer, but includes joint liabilities.

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