Qualify for Offer in Compromise Save Big Now
The Application Process
Applying for an Offer in Compromise involves submitting IRS Form 656, along with a $205 application fee and initial payment. However, the fee may be waived for low-income taxpayers. The application also requires detailed financial documentation, including Form 433-A (OIC) or 433-B (OIC), which provides a comprehensive overview of your financial condition3. The IRS typically takes several months to process an OIC application, during which they may request additional information or clarifications.