Instructions for Offer in Compromise Application for Individuals Who Are Not Self-employed - Mississippi

This document was released by Mississippi Department of Revenue and contains the most recent official instructions for Offer in Compromise Application for Individuals Who Are Not Self-employed .

FAQ

Q: What is an Offer in Compromise (OIC) application?
A: An Offer in Compromise (OIC) is a program that allows individuals who are unable to pay their full tax liability to settle for a lesser amount.

Q: Who can apply for an Offer in Compromise (OIC) in Mississippi?
A: Any individual who is not self-employed and owes back taxes to the state of Mississippi can apply for an Offer in Compromise (OIC).

Q: What is the purpose of the Offer in Compromise (OIC) application?
A: The purpose of the OIC application is to provide detailed financial information to the Mississippi Department of Revenue to determine if the taxpayer qualifies for a reduced tax liability.

Q: What forms do I need to submit for an Offer in Compromise (OIC) application?
A: You will need to submit Form 78-514, Offer in Compromise (OIC) Application, along with supporting documentation such as income statements, bank statements, and tax returns.

Q: How long does it take to process an Offer in Compromise (OIC) application?
A: The processing time can vary, but it typically takes several months to complete the review and decision-making process for an OIC application.

Q: Is there a fee to apply for an Offer in Compromise (OIC) in Mississippi?
A: Yes, there is a non-refundable fee of $200 that must be submitted with the OIC application.

Q: Can I make installment payments if my Offer in Compromise (OIC) is accepted?
A: Yes, if your OIC is accepted, you will have the option to make installment payments to satisfy the reduced tax liability.

Q: What happens if my Offer in Compromise (OIC) application is rejected?
A: If your OIC application is rejected, you can appeal the decision within 30 days.

Q: Can I still file for bankruptcy if I have an active Offer in Compromise (OIC) application?
A: Yes, you can still file for bankruptcy even if you have an active OIC application; however, you should consult with a bankruptcy attorney for specific guidance.