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Form 433-A Carmel Indiana: What You Should Know
IRS Form 433-A: Offer in Compromise in Tax Cases Offer in Compromise: How it Works An offer in compromise is when a taxpayer files what is referred to as a “tax return” (Form 1040), and then receives from the IRS an offer in compromise. This offer in compromise allows the taxpayer, for a reasonable time (usually between 30 days and 180 days or longer) to negotiate a settlement with the IRS on the tax account the taxpayer has to pay or receive. If the taxpayer rejects this offer in compromise, the IRS will not take back a claim for payment. If the taxpayer accepts the offer, the IRS will assess a debt against that account and make a payment to the taxpayer. The IRS will only accept a valid offer-in-compromise from the taxpayer, who is the original creditor of the IRS account. To be valid, the offer in compromise must be from the taxpayer or someone he is sending money to. The IRS will not accept an offer of compromise from the taxpayer the IRS has already assessed its tax liability on. It is important for the IRS to establish a time frame for negotiation on an offer in compromise. In most tax cases, the offer in compromise must have a time-frame of at least 180 days (or for income taxes, at least three months). The Offer in Compromise must be from an individual, not an organization, or from the taxpayer's estate (an estate trustee or executor will not be able to negotiate). No matter how much time has passed, the offer is still in effect, unless the offer by the IRS is changed to be different from what is on the form on which it can be filed. The IRS must not change the offer in compromise, and the taxpayer has the right to reject and reject the offer at any time. If the request for an offer in compromise is filed outside a reasonable time period, the IRS will not accept it for filing. The Offer-in-Compromise Process An offer in compromise may be offered during the course of a routine tax case, in response to a summons, notice of deficiency, or any other IRS tax proceeding, or as part of a bankruptcy case. (See Bankruptcy.) An offer in compromise will be accepted if: a.
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