Attorney Merrell Bailey details the steps for cleaning up a hot mess with the IRS and making your Offer in Compromise (OIC).
An OIC may be accepted if the IRS determines that the debt cannot be paid or would create a financial hardship.
- First, you will need to determine if you are eligible to make an OIC.
- Determine your reasonable collection potential to determine a minimum amount to offer.
- Prepare your offer in compromise using Form 656.
- Submit the form and your fee.
- Wait while the IRS reviews your offer.
- Negotiate if necessary.
- Pay the agreed upon amount, on time, or risk defaulting on the agreement.
*Attorney Bailey does not do this type of legal work, though she will happily refer it out to get our clients the best result.