Hoping to reduce tax debts, numerous taxpayers apply for offer in compromise. The Internal Revenue Service (IRS) offers an opportunity to pay amount less than your tax dues.

Keep in mind the chances of obtaining an offer in compromise are rather low. The IRS rejects more than half of the applications. Improper filling of forms and income details serve as the main reason here. Be sure to firstly fill in a sample offer in compromise form, and only then ask for an actual form.

You can ask sample offer in compromise forms from tax professionals, publications, and websites. Form 656 is the basic one, necessary for an offer in compromise. You need to fill in your personal details, income sources, assets, and investments. Be very careful when filling in the form, as the application will be cancelled in case of wrong information. Remember to fill in form 433-A (Collection Information Statement) in the same careful way, as it concerns your bank accounts, investments, and even details regarding the spouse.

Find a respectful tax lawyer, certified public accountant (CPA), or enrolled agent (EA) before your apply for an offer in compromise. They will provide you with a sample offer in compromise forms, assist during filling in and declaring your assets and investments. Do not forget to check the estimates and details proposed by a tax professional, as some of them may lack the expertise required for the job.