Get Offer In Compromise Instruction Booklet

Filling out the Offer in Compromise Instruction Booklet can seem daunting, but with the right guidance, you can navigate through it confidently. This guide provides a clear, step-by-step approach to ensure you complete the form accurately and effectively.

Follow the steps to complete your form efficiently.

1. Click ‘Get Form’ button to obtain the Offer in Compromise Instruction Booklet and open it for editing.
2. Begin by filling in your personal information in Section 1. If you are an individual or business required to file Form SC1040, include your name or business name, Social Security Number, and address. If applicable, also provide your spouse's information.
3. In Section 2, report the outstanding liability by providing a copy of the qualifying assessment. Fill in the tax periods and corresponding amounts due, including tax, penalty, and interest.
4. Section 3 requires you to specify the reason for your offer. Choose whether it's due to doubt as to collectibility or exceptional circumstances. Write a detailed explanation, attaching further documentation if necessary.
5. Indicate your offer amount in Section 4. Ensure the amount is greater than $0 and in whole dollars. Attach a check for 10% of this amount as your initial payment.
6. In Section 5, describe how you will acquire the funds to pay your offer. This could include loans, borrowing, or asset sales. Include separate checks for the initial and remaining balance payments, ensuring all payments are in U.S. dollars.
7. Confirm all filing requirements in Section 5, ensuring you have filed all required tax returns and made necessary tax payments before submitting the offer.
8. Carefully read through and acknowledge the terms outlined in Section 6. Your agreement on these terms is crucial for the validity of your offer.
9. Finally, sign and date the form in Section 7. Provide your contact information and give authorization for the SCDOR to reach you regarding your offer.

Take the first step towards resolving your tax liabilities by completing the Offer in Compromise Instruction Booklet online today.