Form OIC B-2 Business Offer in Compromise: Penalty Waiver / Doubtful Liability - Virginia

What Is Form OIC B-2?

This is a legal form that was released by the Virginia Department of Taxation - a government authority operating within Virginia. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form OIC B-2?
A: Form OIC B-2 is a Business Offer in Compromise specifically for the state of Virginia.

Q: What does Form OIC B-2 allow you to do?
A: Form OIC B-2 allows you to request a Penalty Waiver and/or a Doubtful Liability determination.

Q: What is a Penalty Waiver?
A: A Penalty Waiver is a request to have the penalties associated with your tax liability forgiven or reduced.

Q: What is a Doubtful Liability determination?
A: A Doubtful Liability determination is a request for the tax authorities to review whether the amount of tax you owe is accurate or in dispute.

Q: Who can use Form OIC B-2?
A: Form OIC B-2 is specifically for businesses in the state of Virginia who are seeking a Penalty Waiver and/or Doubtful Liability determination.

Q: Are there any fees associated with submitting Form OIC B-2?
A: Yes, there is a non-refundable fee of $35 for submitting Form OIC B-2.

Q: How long does it take to process Form OIC B-2?
A: The processing time for Form OIC B-2 may vary, but it typically takes several weeks to months.

Q: Can I submit Form OIC B-2 electronically?
A: No, Form OIC B-2 cannot be submitted electronically. It must be completed and mailed to the Virginia Department of Taxation.

Q: Is there a deadline for submitting Form OIC B-2?
A: There is no specific deadline for submitting Form OIC B-2, but it is recommended to submit it as soon as possible to address your tax liability concerns.