The short answer
Form 656. You get it in the Form 656-B Offer in Compromise Booklet, along with step by step instructions. People can also apply in their IRS Online Account. Businesses and people without an account use the booklet forms. You will also send financial forms, like Form 433-A.
Words to know
- Form 433-A
- A form that lists your income, bills and assets so the IRS can see what you can pay.
- Form 656
- The form to apply for an offer in compromise. It comes in the Form 656-B booklet.
- Offer in compromise (OIC)
- A deal where the IRS agrees to take less than the full amount you owe. It costs $205 to apply, plus a first payment.