How to Apply for an Offer in Compromise

Applying for an Offer in Compromise involves several steps. First, you need to complete the IRS Form 656, which outlines your offer. Next, you must submit a $205 application fee unless you meet certain low-income criteria.

Documentation Required

Along with your application, you will need to provide financial documentation, including income statements, expense reports, and asset valuations. This information helps the IRS assess your financial situation accurately.

“Proper documentation is key to a successful OIC application.”