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IRS doesn't release federal tax liens until your offer terms are satisfied.

You must meet all the Offer Terms listed in Section 7 of Form 656, including filing all required tax returns and making all payments.

Your offer is automatically accepted if the IRS doesn't make a determination within two years of the IRS receipt date (This does not include any Appeal period.).

You don't have to make payments on an existing installment agreement.

You make all required payments per your offer.

Your legal assessment and collection period is extended.

IRS suspends other collection activities.

IRS may file a Notice of Federal Tax Lien.

Your non-refundable payments and fees are applied to the tax liability (you may designate payments to a specific tax year and tax debt).

Make monthly installments while we review your offer.įor details, see Form 656-B, Offer in Compromise Booklet PDF.

Send the application fee or the initial payment.

If You Meet the Low Income Certification Guidelines If IRS accepts your offer, continue to pay monthly until it is paid in full. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.

Periodic Payment: Submit your initial payment with your application.

You must pay any remaining balance due on the offer in five or fewer payments. If we accept your offer, you'll receive written confirmation.

Lump Sum Cash: Submit an initial payment of 20% of the total offer amount with your application.

Your initial payment varies based on your offer and the payment option you choose:

Initial payment (non-refundable) for each Form 656.

Form 656(s) – you must submit individual and business tax debt (Corporation/ LLC/ Partnership) on separate Forms 656.Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms.Apply any offer payment you included to your balance dueįind forms to submit an application and step-by-step instructions in Form 656-B, Offer in Compromise Booklet PDF.Return your application and offer application fee.If you apply for an Offer in Compromise and we can’t process your offer, we'll: Are an employer and made tax deposits for the current and past 2 quarters before you apply.Have a valid extension for a current year return (if applying for the current year).Aren't in an open bankruptcy proceeding.Filed all required tax returns and made all required estimated payments.You're eligible to apply for an Offer in Compromise if you: Who Is EligibleĬonfirm you're eligible and prepare a preliminary proposal with the Offer in Compromise Pre-Qualifier Tool.

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If you hire a tax professional to help you file an offer, be sure to check his or her qualifications. The Offer in Compromise program is not for everyone. Explore all other payment options before you submit an offer in compromise.

We generally approve an offer in compromise when the amount you offer represents the most we can expect to collect within a reasonable period of time. We consider your unique set of facts and circumstances:

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It may be a legitimate option if you can't pay your full tax liability or doing so creates a financial hardship. You must use the April 2023 version of Form 656-B, Offer in Compromise Booklet PDF.īefore you apply, you must make federal tax deposits for the current and past 2 quarters.Īn offer in compromise allows you to settle your tax debt for less than the full amount you owe.