Need help with IRS Offer in Compromise - What docs do I need?

I went through this last year. Make sure you have ALL your financial docs ready - they want everything. Income statements, bank statements, asset info, the works. It's a pain, but being thorough can save you time in the long run.

Ugh, I tried this last month and got rejected. Apparently, I could 'reasonably pay my tax debt' 🙄 Make sure you really can't pay before you go through all this trouble.

Has anyone here actually had an Offer in Compromise accepted? I feel like its just a myth at this point lol

Pro tip: If you're having trouble getting through to the IRS, I found this site called claimyr.com. They have a calling tool that dials the phone menu, stays on hold, and then connects you when a live agent picks up. Costs $20, but saved me hours of hold time. Here's a video about it: https://youtu.be/sqfBCPiMlHA

Listen up, OP. Here's what you need to know about Offer in Compromise: 1. Eligibility: Make sure you qualify. You need to have filed all required tax returns and made required estimated tax payments. 2. Forms: Use Form 656 for the actual offer, and Form 433-A (individuals) or 433-B (businesses) for your financial statement. 3. Payment: You'll need to include a non-refundable fee of $205 unless you qualify for Low-Income Certification. 4. Offer Amount: Be realistic. The IRS won't accept lowball offers. Calculate what you can reasonably pay. 5. Processing Time: It can take 6-12 months (sometimes longer) for the IRS to make a decision. 6. Continue Payments: Keep making payments on your tax debt while your offer is being considered. 7. Appeal Rights: If your offer is rejected, you have the right to appeal within 30 days. Remember, this is a complex process. Consider getting help from a tax professional if you're unsure. Good luck!

anyone else feel like the whole tax system is designed to be as confusing as possible? 🤔 like they want us to mess up

Hey OP, whatever you do, DON'T use one of those 'tax relief' companies you see advertised on TV. Total rip-off. They'll charge you thousands and do the same thing you can do yourself (or with a regular CPA for way less).

I'm in the same boat, been trying to get this sorted for months. The waiting is the worst part. Feels like I'm just drifting at sea waiting for the IRS to throw me a lifeline or sink me 🌊⛵