How to Qualify for an IRS Offer in Compromise | How To Get an Offer in Compromise Approved
How do you qualify for an IRS offer in compromise and how long does an offer in compromise take. Are you struggling with tax debt and wondering if you qualify for an IRS Offer in Compromise and need tax help?
In this video, "How to Qualify for an IRS Offer in Compromise | How To Get an Offer in Compromise Approved" we break down everything you need to know about qualifying for an Offer in Compromise with the Internal Revenue Service and how long the process typically takes.
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Video Chapters:
00:00 Intro
00:31 What Is Offer In Compromise
00:57 The Two Main Qualifications: Financial Hardship And If You Have A Medical Emergency Or You Change Jobs
01:13 Step #1 You Need To Complete Form 656.
01:26 Step #2 You Must Be Transparent With The IRS. You Need To Disclose Everything On The Application Because The IRS Will Be Doing A Background
02:01 Step #3 You Also Need To Gather Three Months Of your last bank statement or other financial information.
02:08 Step #4 You Also Need To Make A Good Faith Deposit Between 10 to 20%
02:29 Step #5 Once The IRS Application Is Approved, You May Not Get A Refund For The Next Couple Of Years. That May Be Part Of Your Agreement.
02:44 Resources For Financial Freedom
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