Send the application fee or the initial payment.If You Meet the Low Income Certification Guidelines If IRS accepts your offer, continue to pay monthly until it is paid in full. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. Periodic Payment: Submit your initial payment with your application.You must pay any remaining balance due on the offer in five or fewer payments. If we accept your offer, you'll receive written confirmation. Lump Sum Cash: Submit an initial payment of 20% of the total offer amount with your application.Your initial payment varies based on your offer and the payment option you choose: Initial payment (non-refundable) for each Form 656.Form 656(s) – you must submit individual and business tax debt (Corporation/ LLC/ Partnership) on separate Forms 656.Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms.Apply any offer payment you included to your balance dueįind forms to submit an application and step-by-step instructions in Form 656-B, Offer in Compromise Booklet PDF.Return your application and offer application fee.If you apply for an Offer in Compromise and we can’t process your offer, we'll: Are an employer and made tax deposits for the current and past 2 quarters before you apply.Have a valid extension for a current year return (if applying for the current year).Aren't in an open bankruptcy proceeding.
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