Offer-In-compromise Sample Agreement - Ohio

Offer-In-compromise Sample Agreement is a legal document that was released by the Ohio Attorney General - a government authority operating within Ohio.

FAQ

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

Q: Who is eligible for an Offer in Compromise?
A: Taxpayers who are unable to pay their tax debt in full and can demonstrate financial hardship may be eligible.

Q: How does the Offer in Compromise process work?
A: The taxpayer submits a detailed financial statement and offer amount to the government. The government reviews the offer and may accept, reject, or counter the proposed amount.

Q: Can an Offer in Compromise be negotiated?
A: Yes, the taxpayer and the government can negotiate the amount of the offer to reach a mutually acceptable agreement.

Q: What are the benefits of an Offer in Compromise?
A: An Offer in Compromise allows taxpayers to settle their tax debt for less than the full amount owed, providing them with a fresh start and the opportunity to resolve their tax issues.

Q: Are there any fees associated with an Offer in Compromise?
A: Yes, there is a non-refundable application fee and an initial payment required with the offer. However, low-income taxpayers may qualify for a waiver of these fees.

Q: What happens if an Offer in Compromise is accepted?
A: If an Offer in Compromise is accepted, the taxpayer must fulfill all the terms of the agreement, including making the proposed payments on time and filing tax returns and paying taxes for the next five years.

Q: What happens if an Offer in Compromise is rejected?
A: If an Offer in Compromise is rejected, the taxpayer may appeal the decision or explore other options for resolving their tax debt, such as setting up a payment plan or requesting a hardship status.