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Financial Statement For Offer In Compromise FS-OIC - Indiana
| Financial Statement For Offer In Compromise Form. This is a Indiana form and can be used in Miscellaneous Department Of Revenue Statewide . |
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Indiana Department of Revenue Offer in Compromise What Is an Offer in Compromise? An Offer In Compromise (offer) is an agreement between you (the taxpayer) and the Indiana Department of Revenue (IDOR) that settles a debt for less than the full amount due to date. To be considered for a compromise, you generally must make a reasonable offer based on your total debt and your earnings potential. Submitting an offer does not ensure that the IDOR will accept it. The IDOR will not accept an offer if it is less than the base (original) tax due or if you can pay your tax debt in full through a payment plan agreement or a lump sum. Collection activities will continue during the offer evaluation process. This can result in additional interest, fees, damages, and/or costs accruing. In addition, if your offer is accepted and will be paid through a payment plan agreement, you must make a 20% down payment. The IDOR keeps any proceeds from a levy served prior to your offer's acceptance. If the IDOR accepts your offer, you will be required to sign a legal and binding Offer in Compromise Agreement. If all parties have agreed to a payment plan agreement for the compromised amount, the IDOR will periodically review your case and you will be required to update all information previously submitted to this office. Please note: You must file all future tax returns timely and pay all future tax due timely. If you are issued a new tax liability or fail to file a timely return, the following will occur: · Your Offer in Compromise payment plan agreement will be cancelled. · Your case will be closed. · Normal collection activities will resume. In addition, any penalties, interest, fees, costs, and damages previously waived will be added back to the amount due. What Is Required to Apply for an Offer in Compromise? · You must complete an application, Form FS-OIC, and include all required supporting documents (see instructions). · You must be current with all tax filings for both Individual Income Tax and any Business Taxes if applicable. · Any bankruptcy filings must have already been discharged or dismissed. Please note: Your Offer in Compromise will be rejected if you do not submit all the required forms and supporting documentation with your application. Page 1 American LegalNet, Inc. www.FormsWorkFlow.com Instructions for Submitting an Offer in Compromise To submit an Offer in Compromise, do the following: · Complete the Offer in Compromise, Form FS-OIC, in its entirety. · Submit documented supporting evidence for all income, expenses, and accounts listed on Form FSOIC for the most recent 3 months. If you fail to submit documented evidence with Form FS-OIC, your offer will be automatically rejected. Accepted documents include Income Copies of paystubs, earnings statements, Social Security Administration benefit letters, pension statements, bank statements reflecting direct deposits, etc. Expenses Copies of utility statements, credit card or loan billings, medical bills, bank statements reflecting debits/payments, etc. Note: If using bank statements as supporting documentation, all income and expenses claimed must be identified and clearly marked. Accounts Copies of all statements for bank, retirement, and investment accounts. · Submit a Letter of Circumstance explaining in detail what prevented you from paying the taxes when they were due and what is currently preventing you from entering into a payment plan agreement with the IDOR. In addition, include any information that is pertinent to your requested offer, as well as the source of the compromise funds. · Include a medical statement from your physician detailing the diagnosis and prognosis of your and/or your family member's medical conditions(s), if applicable. · Include a Bankruptcy Discharge or Dismissal Notice, if applicable. · If you are requesting a payment plan agreement, you must also request a specific down payment and monthly payment amount. Who Might Qualify for an Offer in Compromise? · Taxpayers who are facing financial difficulties due to one of the following: Terminal and/or critical illness within the immediate family Personal devastation resulting from a natural disaster or an uncontrollable economic event What the Offer in Compromise Cannot Do for You · Cannot cancel or discharge your outstanding liabilities with no payment. · Cannot leave your liabilities on hold indefinitely. · Cannot settle for an amount less than the base (original) tax due. · Cannot reinstate a revoked Registered Retail Merchant Certificate. · Cannot release a professional license, permit, or tax lien until the approved Offer in Compromise amount due is paid in full. · Cannot intervene when a legal action has been filed, such as a wage garnishment, bank account levy, collection suit, or court-ordered appearance. What the Offer in Compromise Can Do for You · Can establish a settlement for a lesser amount with a compromise agreement that is signed by all parties involved. Page 2 American LegalNet, Inc. www.FormsWorkFlow.com · Can accept a lump sum payment to satisfy your liabilities in full. · Can accept a short-term payment plan agreement with the required 20% down payment to satisfy your liabilities in full. Before submitting your application, please review the following final checklist: Completed the Form FS-OIC in its entirety. Included a Letter of Circumstance. Attached all of the required supporting documentation (proof of income and expenses). If you have any questions, you can contact us at (317) 232-4692 or by email at taxadvocate@dor.in.gov. Please mail your completed form and required documentation to: Office of the Taxpayer Advocate Indiana Department of Revenue 100 N. Senate Avenue, Room 202, MS 106 Indianapolis, IN 46204-2273 Page 3 American LegalNet, Inc. www.FormsWorkFlow.com FS-OIC State Form 50112 (R2 / 8-12) Indiana Department of Revenue Offer in Compromise Financial Statement for Offer in Compromise Please refer to pages 1-3 of this document to determine your eligibility and the requirements for this program. Your failure to follow all instructions provided and submitting all required documentation will result with your application being rejected. You will be notified within 15 to 20 working days, or less, if you have been accepted into or rejected from the Offer in Compromise program. Personal Information Name: Social Security Number: Address: City, State, Zip: Home Telephone Number: ( Cell Phone: ( Email Address: Date of Birth: ) )
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