Instructions for Offer in Compromise Application for Entities - Mississippi

This document was released by Mississippi Department of Revenue and contains the most recent official instructions for Offer in Compromise Application for Entities .

FAQ

Q: What is an Offer in Compromise?A: An Offer in Compromise is a program that allows eligible entities to settle their tax debt for less than the full amount owed.

Q: Can entities in Mississippi apply for an Offer in Compromise?A: Yes, entities in Mississippi can apply for an Offer in Compromise.

Q: Who is eligible to apply for an Offer in Compromise?A: Entities that are unable to pay their tax debt in full and show financial hardship may be eligible to apply.

Q: What forms do entities need to submit for an Offer in Compromise?A: Entities need to submit Form OIC-1, Offer in Compromise Application, along with all required supporting documentation.

Q: What documentation is required for an Offer in Compromise?A: Entities need to provide information about their financial situation, including income, assets, and expenses.

Q: How much should entities offer in their Offer in Compromise?A: Entities should offer an amount that reflects their ability to pay and is reasonable based on their financial situation.

Q: Is there a fee for applying for an Offer in Compromise?A: Yes, there is a non-refundable application fee that must be submitted with the application.

Q: What happens after an Offer in Compromise is submitted?A: The tax authority will review the application and determine whether to accept or reject the offer.

Q: Can entities appeal the decision on their Offer in Compromise?A: Yes, entities can appeal the decision if their offer is rejected.

Q: Is it recommended to seek professional assistance for an Offer in Compromise application?A: Yes, it is recommended to seek the assistance of a tax professional or attorney when applying for an Offer in Compromise.