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