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IRS video: bankruptcy and separate entities make filers ineligible for OIC
Summary
The presenter warns that taxpayers currently in bankruptcy proceedings are not eligible to apply for an Offer in Compromise and emphasizes each tax entity must file a separate application; viewers are advised to consult the OIC booklet for further details.
The presenter warns that taxpayers and businesses currently in bankruptcy proceedings are not eligible to apply for an Offer in Compromise. "Now before you watch the next video, be aware that if you or your business is currently in a bankruptcy proceeding, you are not eligible to apply for an offer," the presenter says.
The video also emphasizes that a separate application is required for each tax entity: each individual taxpayer, or each non–sole-proprietor business such as a corporation or partnership, must submit its own offer. Viewers are directed to watch the next videos in the playlist applicable to their filer type (Form 433-A for individuals, Form 433-B for businesses).
