The IRS offer in compromise application filing process involves several forms that must be accurately completed. They include the following:
Form 656, Offer in Compromise. This form is for individual and business tax debt. If you have both that you are seeking an OIC for, you will need to fill out separate forms for each. The form also contains a section where you explain your circumstances and why you should be considered for an offer.
Form 433-A, Collection Information Statement for Wage Earners and Self-Employed Individuals
Form 443-B, Collection Information Statement for Businesses.
You will also have to submit the comprehensive details of all your income, expenditures, income sources, assets, and equity for documentation purposes. While there are instructions for filling out these forms, it is highly recommended that you seek the advice of a tax attorney familiar with the offer in compromise filing process to assist you.