Don't Submit an Offer in Compromise to the IRS Without Knowing This

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After you submit your Offer in Compromise (OIC) to the IRS, the waiting game begins. But what can you expect during the review process? In this video, Josh from Best Tax Pro walks you through the steps the IRS takes when evaluating your OIC and how long it could take for them to make a decision.

The IRS will review your financial situation based on the documents you submitted with your application, such as IRS Form 656 and Form 433A OIC for individuals or 433 BOIC if you're a business. This review process typically takes anywhere from 10 to 14 months, and in more complex cases, it could extend up to 2 years. During this time, the IRS may reach out to you for additional documentation or clarification, so it’s important to respond promptly to avoid delays.

To ensure a smooth review process, you must remain compliant with filing and paying your taxes on time. Failure to stay compliant can affect the outcome of your OIC. If the IRS accepts your offer, you will be notified and provided with a payment plan to settle your tax debt. However, if your offer is denied, the IRS will send you a letter explaining the reasons for the rejection, and you may have the opportunity to appeal.

Navigating the IRS and managing tax issues can be overwhelming, but with the right advice and guidance, you can find a way to resolve your tax problems. For more helpful tax tips and insights, make sure to like and subscribe to the channel.

Got a burning tax question? Don’t hesitate to reach out to us at Best Tax Pro! Call us at 763-477-4205 or click the link below to set up a consultation. Let’s see if we’re a good fit to help you engineer the best exit strategy for your tax problems.

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Contact Us:
💻 Visit our website for more info: https://www.besttaxpro.com/
📨 Email us at [email protected]
📞 Call us for solutions: 763-878-8481

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