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I go through a case were we got the offer in compromise accepted. We go through the Form 433A OIC and 656 along with the documents we submitted and all the IRS letters we got. In this case the taxpayer had $130,000 of tax debt that we settled for $1,000.

IRS Offer In Compromise for Dummies:    • IRS Offer In Compromise for Dummies  
How to fill out IRS Form 433A OIC 2022:    • How to fill out IRS Form 433A OIC  ...  
How to fill out Form 656 2022:    • How to fill out Form 656  2022  

00:00 Intro
01:06 433A OIC – filed
04:37 656 – filed
06:15 Documents submitted with Offer
06:56 IRS Offer in Compromise – timeline
07:43 IRS Notice received during the Offer
08:58 Updated documents submitted
10:16 IRS Offer in Compromise Acceptance letter


Helpful Resources:

IRS Form 433A (OIC) (Rev. 42021)
https://www.irs.gov/pub/irspdf/f433a...

IRS Form 656 (April 2020)
https://www.irs.gov/pub/irspdf/f656.pdf

IRS Financial Collection Standards
https://www.irs.gov/businesses/small...

Internal Revenue Manual Offer in Compromise Financial Analysis
https://www.irs.gov/irm/part5/irm_05...

IRS Withholding Calculator
https://www.irs.gov/individuals/taxw...

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

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