Get Form Oic B-2 - Business Offer In Compromise - Virginia Tax

An offer in compromise (OIC) is a proposal to settle your tax bill for less than the full amount due. We can consider offers in compromise from individuals and businesses for the following reasons: Waiver of penalties over $2,000 if extenuating circumstances kept you from filing or paying your taxes on time. Offer in Compromise | Virginia Tax Virginia Tax (.gov) https://.tax.virginia.gov › offer-compromise Virginia Tax (.gov) https://.tax.virginia.gov › offer-compromise

You're eligible to apply for an Offer in Compromise if you: Filed all required tax returns and made all required estimated payments. Aren't in an open bankruptcy proceeding. Have a valid extension for a current year return (if applying for the current year) Offer in Compromise | Internal Revenue Service irs.gov https://.irs.gov › payments › offer-in-compromise irs.gov https://.irs.gov › payments › offer-in-compromise

You can submit an offer on taxes owed individually and for your business. You'll have to pay an application fee of $205 and make offer payments (based on the method you choose) with your offer submission, unless you meet certain low-income guidelines, which are in the IRS OIC Booklet.

If you can't pay in full, you may be able to set up a payment plan. If you do not resolve your tax bills on time, we may proceed with collections actions, such as wage liens and bank liens. Virginia Tax initiates most collections actions through regular mail delivered by the United States Postal Service. Collection Actions (Liens) - Virginia Tax virginia.gov https://.tax.virginia.gov › collections virginia.gov https://.tax.virginia.gov › collections

Waiver of Penalty Examples include illness or death of the taxpayer or tax preparer, destruction of records by fire, flood or natural disaster, or other unusual situations that reasonably kept you from filing or paying on time.

An offer in compromise (OIC) is a proposal to settle your tax bill for less than the full amount due. We can consider offers in compromise from individuals and businesses for the following reasons: Waiver of penalties over $2,000 if extenuating circumstances kept you from filing or paying your taxes on time.