Offer in Compromise Application for Self Employed Individuals - Mississippi

Offer in Compromise Application for Self Employed Individuals - Mississippi

Offer in Compromise Application for Self Employed 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 a program offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debt for less than the full amount owed.

Q: Who is eligible for an Offer in Compromise?
A: Self-employed individuals in Mississippi who are unable to pay their full tax debt and meet certain criteria may be eligible for an Offer in Compromise.

Q: How do I apply for an Offer in Compromise?
A: To apply for an Offer in Compromise, self-employed individuals in Mississippi need to complete Form 656, Offer in Compromise, with the necessary documentation and submit it to the IRS.

Q: What documentation is required for an Offer in Compromise application?
A: Documentation required for an Offer in Compromise application includes proof of income, assets, and expenses, as well as any other supporting documentation requested by the IRS.

Q: Can I make installment payments on an Offer in Compromise?
A: Yes, it is possible to make installment payments on an accepted Offer in Compromise. However, you must adhere to the agreed-upon payment plan.

Q: How long does it take for the IRS to process an Offer in Compromise application?
A: The processing time for an Offer in Compromise application varies, but it can take several months for the IRS to review and make a decision on the application.

Q: What happens if my Offer in Compromise is accepted?
A: If your Offer in Compromise is accepted, you will need to fulfill the terms of the agreement, which typically include making the agreed-upon payment and staying in compliance with your tax obligations for a specified period of time.

Q: What happens if my Offer in Compromise is rejected?
A: If your Offer in Compromise is rejected, you have the option to appeal the decision or explore other payment arrangements with the IRS.

Q: Can I hire a tax professional to help me with my Offer in Compromise application?
A: Yes, many self-employed individuals in Mississippi choose to hire a tax professional, such as a certified public accountant (CPA) or enrolled agent, to assist them with their Offer in Compromise application.

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Form Details:

  • The latest edition currently provided by the Mississippi Department of Revenue;
  • Ready to use and print;
  • Easy to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of the form by clicking the link below or browse more documents and templates provided by the Mississippi Department of Revenue.

Download Offer in Compromise Application for Self Employed Individuals - Mississippi

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