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Form 656-B online Stockton California: What You Should Know
About the Offer in Compromise (OIC) — U.S. This form is for individuals who do not qualify for the other types of offers. This is an offer in compromise (OIC) agreement in which they voluntarily assume responsibility for certain tax liabilities owed by the other party or parties, while offering to pay certain taxes on the taxpayer's behalf. Such an OIC enables taxpayers to resolve a tax problem with both parties. (Refer to Publication 536:Taxpayers' Guide to DID.) Offer In Compromise Tax-Eligible — IRS Use OICS when you and the other partner or parties agree to pay the other party or parties a reasonable amount of money in exchange for a favorable ruling from the IRS. Generally, an OIC would be used when: the other party or parties are owed a large amount of money by you, even if the money is not owed (this is known as a “tax indemnity agreement”). . You wish to settle your tax problem, which was caused by: an incorrect or inaccurate tax computation (with a payment schedule), and/or a failure to file a tax return (e.g., late payments), you wish to resolve a joint tax assessment or an assessment for the benefit of the other party. How You May Use an Offer in Compromise Tax-Eligible — IRS To receive a favorable ruling from the IRS, file Form 5498: Offer in Compromise.
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