Offer in Compromise – Items that must be included

When negotiating an Offer In Compromise the IRS has several items that must be included:

  1. All of the attachments requested in Form 433 Collection information statement are required. This means that the client will need to submit documents to verify most of the items in the Offer in Compromise.
  2. You will be required to submit 3 months worth of bank statements.
  3. You will be required to submit verification of the balance owned on any real estate and verification of the amount of the payments on the real estate.
  4. You will be required to submit documentation showing the amount owned on vehicles and the amount of the monthly payment
  5. If the client has had a previous bankruptcy, the Discharge form must be attached to the front of Form 433.
  6. Note in detail any transfers of assets for less than their full value
  7. Copy of the Clients most recent 1040 Income Tax Return
  8. A bankruptcy analysis
  9. Client’s narrative. This is a way to tell your side of the story.