♫ ♪ Opening music plays in the background ♪ ♫ Final OIC Checklist In this video, we will cover the final step after you've completed the Form 656-B OIC application.

Take a look at the helpful checklist on the last page of the OIC application booklet.

The checklist is divided into sections.

There are check lists for the Forms 433-A & B (OIC) and Form 656, supporting documentation and additional forms, payment, finally the address of where you will mail your OIC application based on the where you reside.

Just a couple of reminders: Be sure not to send any original supporting documents with your application.

Any Information you send, such as supporting financial statements, should be copies.

The IRS will not return these documents.

Finally, remember that submitting your Offer in Compromise application begins a process of IRS evaluation and verification, taking into consideration any special circumstances that might affect your ability to pay.

Submitting an offer does not guarantee the IRS will accept your offer.

So, you've mailed off your OIC package to the IRS What happens now?

Well, the IRS will send you an initial contact letter after they receive and review your offer application.

It's important to note here that this initial contact letter is not an acceptance of your offer.

Promptly reply to any requests for additional information within the time frame specified.

If you fail to reply timely, this will result in the return of your offer without appeal rights.

If you selected the Periodic Payment option, you must continue to make the payments during consideration of your offer, unless you meet the Low-Income Certification Guidelines.

If you don't make the monthly payments until you have received a final decision letter the IRS will return of your offer without appeal rights.

If your offer is accepted, you must continue to timely file all required tax returns and timely pay all estimated tax payments and federal tax payments that become due in the future.

If you fail to timely file and timely pay any tax obligations that become due within the five years after your offer is accepted including any extensions your offer may be defaulted.

If your offer is defaulted, you will be liable for the original tax debt, less payments made, and all accrued interest and penalties.

An offer does not stop the accrual of interest and penalties.

Your offer may be defaulted if you fail to promptly pay any tax debts assessed for tax periods within five years after the acceptance of your offer, or later assessments for any tax liabilities that were incurred prior to acceptance of your offer that were not included in your original offer.

For more information on the process and application procedures, please go to IRS.gov/OIC.

This ends this video - thanks for watching.

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