How Do I fill out the Georgia Offer in Compromise Application Form?
Have you ever wondered “How do I fill out the application form for the Georgia Offer in Compromise?” I’ll tell you.
Hi, I’m Jeff Fouts, a tax attorney located in metro Atlanta, with a state-wide, and nationwide, law practice helping clients who have serious Georgia tax problems.
So, “How do you fill out the application form for the Georgia Offer in Compromise?”
After doing the hard work of gathering all the required financial and tax information on your case so that a thorough analysis can be performed, and then concluding that you are a great candidate for a Georgia Offer, and then making sure that it was the best option for your case, there are still some other items that must be dealt with.
To apply for a Georgia offer, you must fill out Form OIC-1 Offer in Compromise. This form must be filled out in addition to the proper Georgia financial form that you’ll fill out. Which financial form you are required to fill out depends on the facts of your case.
There are 11 sections to the Form OIC-1, and I’ll review most of them here.
Section 1 – Taxpayer General Information
You must list both spouses if both are jointly liable for the tax periods you are asking Georgia to consider under the Offer application. In other words, if both of you owe the taxes, both of you must be listed here. If you leave the other spouse off, Georgia may return the Offer application to you.
This works in your favor because you don’t want to accidentally leave your spouse off and then find out that you were able to settle your tax, but that Georgia would still pursue your spouse. That would make for some very uncomfortable times around the dinner table.
Section 2 – Tax Periods
You are required to list all tax periods you owe which you’d like to be considered in the Offer.
It is not uncommon for clients to not know all the tax periods they owe for. We always research this information for them so we’ll be sure to have all of the tax periods that have unpaid debt on them.
If you leave a tax period off of the form, they may return the Offer application to you.
This actually works in your favor because you don’t want to later realize you’ve settled your tax for less than you owe, but one or more tax period did not get settled and are still subject to collection action. That would make for a very bad day, especially if you had to tell your spouse.
Section 3 – Reason for Offer
You must select which type of Offer you are asking Georgia to consider for you. In another video I discuss the different kinds of Offers which Georgia has.
Section 3 – Explanation of Circumstances
This is the section where you can explain what life event or circumstance, if any, that might prevent you paying even the minimum Offer amount. In other words, Georgia is saying they are open to, at least considering, not even making you pay a minimum Offer amount if you can show that it would cause a hardship on you and your family.
If you are asking Georgia to give you this special consideration, you must provide documentation to show what the hardship is and how it would impact you or your family.
Section 4 – Low Income Certification
When you file an Offer, a $100 application fee must be submitted along with the Offer or the Offer Unit is supposed to return the Offer back to you.
You should review the gross monthly income chart there on the Form to see if you qualify to not have to submit the application fee.
By the way, businesses which are submitting an Offer do not qualify to have their application fee waived.
In another video I’ll discuss the possible payment terms for the Offer, as well as the responsibilities under the Offer agreement you’ll have to abide by to make your Offer final.
I hope this important video tip has helped you understand the Georgia Department of Revenue a little better and about how tax problems are solved. Chances are you have questions or concerns about your own particular tax problem. What I encourage you to do is pick up the phone and call me. I can answer your questions. Over the past 20 years I’ve represented clients all across Georgia, and in 50 states and 29 foreign countries, and I welcome your call. You can reach me at (888) 995-6785 or by email at firstname.lastname@example.org. I’m Jeff Fouts and thanks so much for watching. Have a wonderful day.