If you need IRS tax help and you are considering applying for an Offer in Compromise (OIC), then you have come to the right place.

In this article we're going to go over...

Step 2: What the IRS Needs to Fully Evaluate Your Offer

1. Before submitting an Offer in Compromise, you must file all tax returns that you are legally required to file

- This includes all Income Tax, Employment Tax and Excise Tax returns. It also includes returns required to be filed by Partnerships, Limited Liability Companies (LLC) and closely held Sub-Chapter S Corporations.

-If you did not file a tax return for a specific year because you were not legally required to do so, then you must include a detailed explanation about this with your Offer In Compromise.

2. If you are a business and have employees, then you must first make all current federal tax deposits for the current quarter. Furthermore, your filing and deposits must remain current while your OIC is being considered.

3. Estimated tax payments for the current year's income tax liability must be paid to date. Note: If you fail to meet these 3 requirements your offer will be returned to you and you will lose your $150 application fee.

4. Complete an accurate Form 656 (the official Offer In Compromise agreement).

5. Complete an accurate Collection Information Statement (Form 433-A and/or Form 433-B).

6. You must promptly respond to any requests the IRS makes for additional information. (Otherwise you may lose your $150 application fee and any installment payments you've made.

7. The liabilities for a given tax year(s) and/or tax period(s) must be assessed.

8. You should make copies of all removable forms and documents you send to the IRS. You will want to keep these copies with your own records.

The above step is just the second of several steps you'll need to take to qualify for the offer in compromise. Click here for

Offer in Compromise - Step 3.