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Forms to complete for an Offer in Compromise: what to fill out and when
Summary
The video lists the forms included in the OIC booklet—Form 433-A (individuals), Form 433-B (businesses), and Form 656—and advises completing the collection information statement forms before Form 656 to determine a potential offer amount.
The presenter lists the forms contained in the OIC booklet and advises viewers on completion order. "The forms include form 433-A, OIC, collection information statement for wage earners and self employed individuals, Form 433-B, OIC, collection information statement for businesses. And form 656, offer in compromise," the presenter says, and notes Form 656 is located at the end of the booklet.
The video recommends completing the information statement forms (Forms 433-A or 433-B) before preparing Form 656 because those forms help determine a potential offer amount based on assets, income, expenses and future earning potential. Viewers are told to confirm they are using the most current year of the Form 656-B booklet to avoid processing issues.
