Consumer Bankruptcy Journal Summer 2017 - Page 23

FILING FOR IRS OFFER IN COMPROMISE tuition fees, charitable payments, and unsecured debt payments are not factored in calculating expenses. 2. Fill Out the Required Forms Submitting an OIC application requires taxpayers to furnish the essential personal and financial details in the prescribed forms. Taxpayers falling under different categories need to fill- in separate forms to apply for the IRS Offer in Compromise. All in all, there are three forms that must be duly filled-in and submitted to the IRS for evaluation: LLC classified corporations, and single or multi-member LLCs. In such instances, the IRS officials will evaluate the OIC claim to decide on an appropriate offer amount, depending on the assets, income, expenses and future earning potential of the business. 3. Attach the Required Documents After completing the forms in your respective category, the job is only half done. The next step is to supply the necessary documents for the IRS to check the legitimacy of the information contained in each of the forms. Though Form 656 Form 656 is the main Offer in Compromise form that is supposed to be completed by any person or corporation filing for an OIC. The form asks for basic information about the taxpayer, the type of debt, and identifies the payment terms, should the IRS find your application reasonable. option selected while filling out Form 656. The amount of the initial payment and whether it is going to be a one-time or recurring payment depends on the payment ΅•Ρ‘½Ν•±•Ρ•‰δΡ‘”=% )…ΑΑ±₯…ΉΠΈ%Ή±Υ‘”Ν•Α…Ι…Ρ”Α•ΙΝ½Ή…°)‘•­Μ°…Ν‘₯•ΛŠé‘•­Μ½Θ΅½Ή•δ)½Ι‘•Ί™½Θ΅…­₯Ήœ‰½Ρ Α…ε΅•ΉΡΜΈQ‘”)…ΑΑ±₯…Ρ₯½Έ™•”…Ή₯Ή₯Ρ₯…°Α…ε΅•ΉΠ…Ι”°)‘½έ•Ω•Θ°•α•΅ΑΡ•™½ΘΑ•½Α±”΅••Ρ₯Ήœ)Ρ‘”±½ά₯Ή½΅”•ΙΡ₯™₯…Ρ₯½ΈΥ₯‘•±₯Ή•ΜΈ)Q‘₯ΉΜΡΌI•΅•΅‰•Θ)Ω•Έ…™Ρ•ΘΝΥ‰΅₯ΡΡ₯Ήœ…Έ=™™•Θ₯Έ) ½΅ΑΙ½΅₯Ν”°Ρ‘”%IL΅…䁅ͬ™½Θ)…‘‘₯Ρ₯½Ή…°₯Ή™½Ι΅…Ρ₯½ΈΡΌ•Ω…±Υ…Ρ”)Ρ‘”ΝΥ₯Ρ…‰₯±₯Ρ䁽˜ε½ΥΘ)…ΑΑ±₯…Ρ₯½ΈΈQ‘•Ι•™½Ι”°)₯Ё₯́…‘Ω₯Ν…‰±”ΡΌ)ΑΙ½΅ΑΡ±δΙ•Α±δΡΌ…Ήδ)ΝՍ Ι•ΕΥ•ΝΡ́™Ι½΄Ρ‘”)%ILέ₯Ρ‘₯ΈΡ‘”ΝΡ₯ΑΥ±…Ρ•)Ρ₯΅•±₯Ή”ΡΌ­••ΐε½ΥΘ)…ΑΑ±₯…Ρ₯½Έ½ΈΡΙ…¬ΈQ‘”)%ILΡ…­•Μ…‰½ΥЀ؁Ѽ€ΔΘ)΅½ΉΡ‘́Ѽ•Ω…±Υ…Ρ”ε½ΥΘ)=™™•Θ₯Έ ½΅ΑΙ½΅₯Ν”)…ΑΑ±₯…Ρ₯½Έ°…™Ρ•Θέ‘₯ )Ρ‘•δΝ•Ή‘₯Ήœ…Έ=™™•Θ)½˜)•ΑΡ…Ή”)½Θ)I•©•Ρ₯½Έ°)έ‘₯‘•Ω•Θ)₯Μ)…ΑΑ±₯…‰±”Έ)Q‘”)%IL±…έ́…Ι”ΕΥ₯Ρ”)½΅Α±•ΰ…ΉΡ‘•Ι•™½Ι”°)ε½Τ)Ν‘½Υ±)Ν••¬)ΑΙ½™•ΝΝ₯½Ή…°…ΝΝ₯ΝΡ…Ή”)έ‘•Έ…ΑΑ±ε₯Ήœ™½Θ…Έ=% ΡΌ₯ΉΙ•…Ν”)‘…Ή•Μ½˜…•ΑΡ…Ή”Έ%˜ε½Τέ…ΉΠΡΌ)±•…ΙΈ…‰½ΥЁ%IL•‰ΠI•±₯•˜½ΘΡ‘”=% )AΙ½Ι…΄°±½½¬ΉΌ™ΥΙΡ‘•ΘΡ‘…ΈΡ‘”1…ά)=™™₯•Μ½˜9₯¬9•΅•Ρ ΈQΌ•Π„ΉΌ΄)½‰±₯…Ρ₯½Έ™Ι•”½ΉΝΥ±Ρ…Ρ₯½Έέ₯Ρ 9₯¬°)™₯±°½ΥЁ½ΥΛ €½ΉΡ…Π™½Ι΄Έe½Τ…Έ…±ΝΌ)…±°Ύ…Σ €δάΘ΄ΨΘά΄ΠάΐΤΈ)Α…ΙЁ™Ι½΄ΥΝ₯ΉœΡ…ΰ)•Ή™½Ι•΅•ΉΠ•™™½ΙΡ́ΝՍ …Μ)…Υ‘₯Ρ́ѼΙ•½Ω•ΘΡ‘”΅½Ή•δ°)Ρ‘”%IL…±ΝΌ‘•±Ά‘•±₯ΉΕΥ•ΉΠ)Ρ…αΑ…ε•Ί΅₯Ρ₯…Ρ”™₯Ή…Ή₯…°)‘…Ι‘Ν‘₯Άёɽ՝ ΑΙ½Ι…΅ΜΝՍ )…́ё”=™™•Θ₯Έ ½΅ΑΙ½΅₯Ν”Έ)½Ι΄€ΠΜ́)%Ή‘₯Ω₯‘Υ…°)έ…”)•…ΙΉ•ΙΜ°)Ν½±”)ΑΙ½ΑΙ₯•Ρ½ΙΜ°½ΘΑ•½Α±”ΝΥ‰΅₯ΡΡ₯Ήœ)…ΑΑ±₯…Ρ₯½ΉΜ½ΈΡ‘”‰•‘…±˜½˜‘••…Ν•)₯Ή‘₯Ω₯‘Υ…°Ρ…αΑ…ε•ΊΉ••ΡΌ½΅Α±•Ρ”)½Ι΄€ΠΜΝΈ=Ή”ε½ΤΝΥ‰΅₯Ёё”)™½Ι΄°Ρ‘”%ILέ₯±°½΅”Υΐέ₯Ρ …Έ)½™™•Θ…΅½ΥΉΠ…™Ρ•Θ™…Ρ½Ι₯Ήœε½ΥΘ)…ΝΝ•ΡΜ°₯Ή½΅”°•αΑ•ΉΝ•Μ°…Ή)•…ΙΉ₯ΉœΑ½Ρ•ΉΡ₯…°‰…Ν•½Έ•‘Ս…Ρ₯½Ή…°)ΕΥ…±₯™₯…Ρ₯½ΉΜ…Ή•αΑ•Ι₯•Ή”Έ)½Ι΄€ΠΜ́)½Ι΄€ΠΜ́₯́•α±ΥΝ₯Ω•±δ΅•…ΉΠ™½Θ)‰ΥΝ₯Ή•Ν͕́™₯±₯Ήœ™½Θ…Έ=% Ρ‘…Π°)₯Ή±Υ‘₯Ήœ ½ΙΑ½Ι…Ρ₯½ΉΜ°A…ΙΡΉ•ΙΝ‘₯ΑΜ°)½Ι΄€ΨΤ؁₯́½΅΅½Έ™½Θ…±°%IL=™™•Θ)₯Έ ½΅ΑΙ½΅₯Ν”…ΑΑ±₯…ΉΡΜ°ΝΥ₯Ρ…‰±”)‘½Υ΅•ΉΡ…Ρ₯½ΈΉ••‘́Ѽ‰”…ΡΡ…‘•)έ₯Ρ ½Ι΄€ΠΜΜ΅…Ή½Ι΄€ΠΜΜ΅Έe½Τ)…Έ™₯ΉΡ‘”±₯ΝЁ½˜‘½Υ΅•ΉΡ́Ѽ‰”)…ΡΡ…‘•…Ёё”‰½ΡΡ½΄½˜•… ™½Ι΄Έ)]‘•Έ…ΡΡ…‘₯Ήœ‘½Υ΅•ΉΡΜ°΅…­”ΝΥΙ”)Ρ‘…Ёε½Τ…ΡΡ… Ν…ΉΉ•½Α₯•Μ…ΉΉ½Π)Ρ‘”½Ι₯₯Ή…±ΜΈ(ΠΈ%Ή±Υ‘”„ ‘•¬ ½Ω•Ι₯ΉœΡ‘”)ΑΑ±₯…Ρ₯½Έ••Μ)Q‘”%ILΙ•ΕΥ₯ɕ́ε½ΤΡΌΑ…䁄Ή½Έ΄)Ι•™ΥΉ‘…‰±”€ΔΰΫ €…ΑΑ±₯…Ρ₯½Έ™•”έ‘•Έ)™₯±₯Ήœ…Έ=™™•Θ₯Έ ½΅ΑΙ½΅₯Ν”Έ=ΈΡ½ΐ½˜)Ρ‘…Π°ε½Τ…Ι”…±ΝΌ•αΑ•Ρ•ΡΌ΅…­”…Έ)₯Ή₯Ρ₯…°Α…ε΅•ΉΠ‰…Ν•½ΈΡ‘”Α…ε΅•ΉΠ)9…Ρ₯½Ή…°ΝΝ½₯…Ρ₯½Έ½˜ ½ΉΝΥ΅•Θ …Ή­ΙΥΑэδΡΡ½ΙΉ•εΜ€$($($)MΥ΅΅•Θ€ΘΐΔά)½Θ AŠé…ΉΡΡ½ΙΉ•εΜλ %˜ε½Τ…Ι”₯Έ)Ρ‘”…±±…Μ°ΠΈ]½ΙΡ …ΉΝΥΙΙ½ΥΉ‘₯Ήœ)…Ι•…́…ΉΉ••‘•±ΐέ₯Ρ …Ήδ½˜ε½ΥΘ)±₯•ΉΡΜ°Α±•…Ν”‘ΌΉ½Π‘•Ν₯Ρ…Ρ”ΡΌ…Ν¬ΥΜ)™½Θ‘•±ΐΈ) =9MU5H 9-IUAQ d)=UI90(ΘΜ