Tax resources
Context for informed tax conversations.
The original site’s reference material is preserved here for accessibility. Items tied to 2011 and 2012 rules, deadlines and fees are clearly marked as archival and should not be treated as current guidance.
An offer in compromise may allow a taxpayer to settle tax debt for less than the full amount owed when the taxpayer cannot pay the full liability or doing so creates a financial hardship. The taxing authority considers ability to pay, income, expenses and asset equity. The program is not for everyone, and other payment options should be explored.
Before an offer can be considered, filing and payment requirements generally must be current, and a taxpayer in an open bankruptcy proceeding is not eligible. The firm can help review eligibility and prepare a preliminary proposal.
Source-listed package elements
- Form 433-A (OIC) for individuals or Form 433-B (OIC) for businesses, with required documentation
- Separate Form 656 submissions for individual and business tax debt
- An application fee and initial payment, subject to then-current IRS rules
- Payment options and possible low-income certification treatment under then-current IRS rules
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