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The document outlines the Virginia Department of Taxation's Form OIC I-2, which is used for submitting an Individual Offer in Compromise to settle tax assessments based on penalty waivers or claims of doubtful liability. It provides instructions for completing the form, required documentation, and conditions under which offers may be accepted or denied. The form allows taxpayers to propose payment terms and grants power of attorney to representatives if needed.
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Section 58.1-105 of the Code of Virginia allows the Tax Commissioner to settle an assessment through an offer in compromise under certain circumstances, such as extenuating circumstances that prevented timely filing or payment, or in cases where an individual can demonstrate that he or she is not liable for the amounts
How to Get an Offer in Compromise Approved Gather Financial Information. Calculate Disposable Income. Determine the Offer Amount. Prepare the OIC Application. Submit the Application. IRS Evaluation and Response. Accepting or Rejecting the Offer. First Payment and Remaining Balance.
On average, the offer in compromise process takes between 6 and 12 months, but working with a tax attorney can potentially make the OIC process faster and more straightforward. Your attorney can guide you through each step, ensure you dont miss critical deadlines, and directly communicate with the IRS on your behalf.
This tax debt compromise program might be for you if you cant pay the taxes you owe, or if paying the full amount will create a financial hardship. There are companies that will help you apply for an OIC, but you can certainly do it yourself.
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you cant pay your full tax liability or doing so creates a financial hardship. We consider your unique set of facts and circumstances: Ability to pay.

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IRS contact information If you have questions regarding qualifications for an offer in compromise, please call our toll-free number at 1-800-829-1040.
Figuring out the optimal amount to offer the IRS is not easy. It takes a lot of experience to know where the sweet spot lies for any given case. In general though, you can start off with an estimate of 1 year worth of your disposable income and add to that any valuable assets you can sell for additional cash.
Qualifications for Tax Relief The IRS ultimately determines whether you qualify for debt forgiveness. However, the agency generally considers taxpayers who meet these criteria: a total tax debt balance of $50,000 or less, and a total income below $100,000 for individuals (or $200,000 for married couples).

Related links

Form OIC I-2 - Individual Offer In Compromise - Virginia Tax

Section 58.1-105 of the Code of Virginia allows the Tax Commissioner to settle an assessment through an offer in compromise under certain circumstances, such as

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Offer in Compromise Collections (Liens). Close submenuPayment Plans. Existing Instructions for Form 760C, Underpayment of Virginia Estimated Tax by

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2017 Publication 907

Feb 8, 2018 Use the Offer in Compromise Pre-Qualifier (IRS.gov/ OIC) to see if you can settle your tax debt for less than the full amount you owe.

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