Offer in Compromise Application for Individuals - Mississippi

Offer in Compromise Application for Individuals is a legal document that was released by the Mississippi Department of Revenue - a government authority operating within Mississippi.

FAQ

Q: What is an Offer in Compromise?
A: An Offer in Compromise is an agreement between a taxpayer and the IRS or state tax authority to settle the taxpayer's tax debt for less than the full amount owed.

Q: Who is eligible to apply for an Offer in Compromise?
A: Individuals who are unable to pay their tax debt in full, including penalties and interest, may be eligible to apply for an Offer in Compromise.

Q: How can I apply for an Offer in Compromise in Mississippi?
A: To apply for an Offer in Compromise in Mississippi, you need to complete and submit Form 87-101, Offer in Compromise Application for Individuals, along with supporting documentation and the required application fee.

Q: What supporting documentation do I need to submit with my Offer in Compromise application?
A: You will need to provide financial information about your assets, income, and expenses, as well as any other relevant documentation requested by the Mississippi Department of Revenue.

Q: Is there an application fee for the Offer in Compromise application?
A: Yes, there is a non-refundable application fee of $250 for the Offer in Compromise application in Mississippi.

Q: What happens after I submit my Offer in Compromise application?
A: After you submit your Offer in Compromise application, the Mississippi Department of Revenue will review your application and supporting documentation. They will determine whether to accept or reject your offer.

Q: What are the possible outcomes of an Offer in Compromise application?
A: The Mississippi Department of Revenue may accept your offer, reject your offer, or request additional information from you in order to make a decision.

Q: Can I appeal a rejected Offer in Compromise?
A: Yes, if your Offer in Compromise is rejected, you can request an appeal within 30 days of receiving the rejection notice. You will need to provide additional information and documentation to support your appeal.