What happens if an OIC is submitted using the wrong forms?
The Form 656 and/or Forms 433 “Collection Information Statements” are necessary to conduct an offer investigation. Failure to submit these documents will cause considerable delay in the process. Taxpayers wanting to pursue the OIC as a way to satisfy their tax liability will have to submit the forms in order to have the OIC reconsidered.
The Form 656 and/or Forms 433 “Collection Information Statements” are necessary to conduct an offer investigation. Failure to submit these documents will cause considerable delay in the process. Taxpayers wanting to pursue the OIC as a way to satisfy their tax liability will have to submit the forms in order to have the OIC reconsidered. Source: www.irs.
The Form 656 and/or Forms 433 “Collection Information Statements” are necessary to conduct an offer investigation. Failure to submit these documents will cause considerable delay in the process. Taxpayers wanting to pursue the OIC as a way to satisfy their tax liability will have to submit the forms in order to have the OIC reconsidered. Back To Top Will the submission of inaccurate Form 656 and Forms 433-A/B affect the timely disposition of my case? Yes. The IRS’ procedures require that a taxpayer be contacted in writing and provided a one-time opportunity to correct the error(s), and/or update the financial statement. Failure to correct the error(s) and/or respond results in the OIC being returned to the taxpayer without any further actions on the part of the IRS. Back To Top What are the common errors when preparing an offer in compromise? The following are key items that require the IRS to request corrections and delay the processing of OICs: • Incorrect address (don’t use P.O. Box
