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The Tax Forgiveness Program is really called the Offer in Compromise. I Am a former IRS Agent, expert in the OIC.

As a former IRS Agent and Teaching instructor I taught the offering compromise program and I am a true expert in tax forgiveness/offer in compromise.

 As a former agent I accepted and denied offers in compromise.

 I caution anyone attempting to file an offer in compromise to make sure you’re prequalified to save money for many people trying to rip you off telling you the can settle your tax tips.

 There are very specific formulas that IRS uses to accept offers in compromise for tax debt forgiveness.

If you have any questions you should call us for free consultation and we will walk through the formulas with you to see if can truly settle your debt for pennies on the dollar.

Below you will learn about the offer in compromise and what it takes to get an offer to compromise through.

We should also know there’s a prequalify tool that you can use to find out for yourself.

When you call our office asked for Michael D Sullivan, former IRS agent and I will explain the process to you for tax forgiveness through the offer in compromise program.

What is a Offer in Compromise for Tax Forgiveness?

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.

IRS consider your unique set of facts and circumstances:

• Ability to pay;
• Income;
• Expenses; and
• Asset equity.

IRS  generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.

The Offer in Compromise program is not for everyone. If you hire a tax professional to help you file an offer, be sure to check his or her qualifications.

Make sure you are eligible

The IRS will return any newly filed Offer in Compromise (OIC) application if you have not filed all required tax returns and have not made any required estimated payments.

Any application fee included with the OIC will also be returned. Any initial payment required with the returned application will be applied to reduce your balance due. This policy does not apply to current year tax returns if there is a valid extension on file.

You are not eligible if you are in an open bankruptcy proceeding.

How to Submit your Offer in Compromise for tax debt forgiveness.

You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B PDF.  

Your completed offer package must include:

a. Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;

b. Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;

c. $205 application fee (non-refundable); and

d. Initial payment (non-refundable) for each Form 656.

Selecting two payment option

Your initial payment will vary based on your offer and the payment option you choose:

1. Lump Sum Cash:

Submit an initial payment of 20 percent of the total offer amount with your application. If your offer is accepted, you will receive written confirmation. Any remaining balance due on the offer is paid in five or fewer payments.

2. Periodic Payment:

Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.

If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.

Understanding  the offer in compromise Program for tax debt forgiveness.

While your offer in compromise is being evaluated these are applicable.

a. Your non-refundable payments and fees will be applied to the tax liability,
b. A Notice of Federal Tax Lien may be filed;
c. Other collection activities are suspended;
d. The legal assessment and collection period is extended;
e. Make all required payments associated with your offer;
f. You are not required to make payments on an existing installment agreement; and
g. Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

If your offer is accepted

a. You must meet all the Offer Terms listed in Section 7 of Form 656, including filing all required tax returns and making all payments;
b. Any refunds due within the calendar year in which your offer is accepted will be applied to your tax debt;
c. Federal tax liens are not released until your offer terms are satisfied; and Everything is paid in full.

If you have any questions about tax debt forgiveness or the offer in compromise program called true IRS experts.

You can ask for Michael D Sullivan, former IRS agent or anybody on staff, we are experts in tax debt forgiveness and the offer in compromise