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OFFER IN COMPROMISE INSTRUCTION BOOKLET

OFFER IN COMPROMISE INSTRUCTION BOOKLET 2025

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The document is an application form (SC656) for submitting an Offer in Compromise to the South Carolina Department of Revenue. It allows taxpayers to propose a settlement for their tax liabilities, including interest and penalties, due to financial hardship or exceptional circumstances. The form requires personal information, details of outstanding liabilities, reasons for the offer, and terms of payment. Taxpayers must provide documentation supporting their claims and agree to specific terms regarding the acceptance and processing of their offer.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What percentage will the IRS accept for an Offer in Compromise?

Lump sum: Submit an initial payment of 20% of the total offer amount with your application. If we accept your offer, youll receive written confirmation.

Can I negotiate with the IRS myself?

You can use your Online Account to make offer in compromise (OIC) payments or check if youre eligible to submit an OIC. Well review your OIC and decide if you qualify. An offer in compromise allows you to settle your tax debt for less than the full amount you owe.

How much will the IRS accept for an Offer in Compromise?

The resulting amount is your monthly disposable income. Take that number and multiply by 12 (which is equal to one year worth of disposable income). This is the bare minimum you can offer to the IRS. They will almost never accept less than this amount.

Can I do an Offer in Compromise myself?

You can do OIC yourself, but most get rejected cuz you likely have current and future earning power. Your best bet is an installment agreement.

What qualifies you for an Offer in Compromise?

To qualify for an OIC, the taxpayer must have filed all tax returns, have received a bill for at least one tax debt included on the offer, made all required estimated tax payments for the current year, and if the taxpayer is a business owner with employees, the taxpayer must have made all required federal tax deposits

What documents are required for Offer in Compromise?

These document types will also come in handy when completing the IRS offer in compromise forms above. Credit card statements. Bank statements. Car loan statements. Statements from any other personal loans. Investment statements. Retirement account statements. Health care bills. Child care bills and receipts.

Who is the best company to help with IRS debt?

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What is the downside of Offer in Compromise?

The cons include: With this method, you are able to reduce what you owe. However, you also surrender your right to tax credits that you may have access to each year. This could mean your tax return could be lowered each year going forward. OIC does create a public record.

OFFER IN COMPROMISE INSTRUCTION BOOKLET 2025

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