Music. Hello, this is Robert, my tax attorney here at Tax Resolution Professionals. We're going to be going over the frequently asked question: how do I file my offering a compromise with the IRS? First, input the proper forms. There's going to be a Form 433-A and a Form 656. Form 433-A is for individuals, and Form 433-B is for businesses. This form is a financial statement that the IRS uses to determine the collectability of the person or business applying for tax settlement. Sole proprietorships should use Form 433-A. Now, Form 656 is the same form for both individuals and businesses. On this form, you're going to need to provide details about how much you are offering and payment details. Make sure to check for a fee and down payment waiver if you qualify and are applying as an individual. Businesses do not qualify for that fee or down payment waiver. At the end of Form 433-A and Form 433-B, there's a list of all the documents that need to be submitted with the offering compromise. Now, I'm going to go through the list for Form 433-A first and add some notes to it based on my experience and why they're asking for these documents. 1. Copies of the most recent pay stubs or earning statements from each employer. They're trying to figure out your year-to-date income. 2. Two copies of the most recent statements for each investment and retirement account. 3. Copies of the most recent statements from all other sources of income, such as pensions, social security, rental income, interest, and dividends. 4. Copies of documents related to child support, alimony, and rent subsidies. 5. Copies of individual bank statements for the three most recent months. If you operate a business, provide copies of the six most recent statements for each business bank...
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Irs Offer In Compromise fresh start Form: What You Should Know
Offer in Compromise FAQs | Internal Revenue Service If you have questions regarding qualifications for an offer in compromise, please call our toll-free number at. .
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