New Web Tool Helps You Apply For Oic - United States. Internal Revenue Service launches offer in compromise web site service - Brief Article

California CPA, Nov, 2000

The IRS has debuted a new tool on its Web site to help customers apply for relief with an offer in compromise. The interactive application offers a five-step online OIC program that determines OIC eligibility, and provides the forms and information needed to submit an offer. The new program is the latest addition in the IRS' plan to make taxes easier by expanding its Internet services.

The online program may be used only by wage earners and self-employed individuals who owe less than $50,000 for personal income tax, employment tax on an out-of-business sole proprietorship or penalty assessment. Qualified taxpayers will complete the streamlined OIC forms online. These include Form 656-P, Offer in Compromise, Form 433-OIC, Financial Statement for Wage Earners or Self-Employed Individuals, and Optional Interactive Worksheet.

Although this new tool makes the OIC process easier, forms cannot be sent electronically at this time. Completed forms must be printed, signed and submitted to your local IRS office.

Look for the online offer in compromise program at http://www.irs.gov.