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Virginia Free Printable OIC B-3 - Business Offer in Compromise: Doubtful Collectibility for 2020 Virginia OIC Offer in Compromise Individual

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OIC Offer in Compromise Individual
OIC B-3 - Business Offer in Compromise: Doubtful Collectibility

Form OIC-Fee Virginia Department of Taxation Fee for Doubtful Collectibility Offer In Compromise Name(s) _______________________________________________________________________________________________________________ Virginia Account Number (SSN or FEIN) ________________________________________________________________________________ Address _______________________________________________________________________________________________________________ _______________________________________________________________________________________________________________ Daytime Telephone Number(s) _________________________________________________________________________________________ For Businesses, Contact Name _________________________________________________________________________________________ Payment of $50.00 submission fee attached. Submission Fee Waiver Request For individuals only: I/We certify that the below conditions for exemption from the submission fee have been met. I/We understand that the fee will be required before consideration of this offer in compromise if the Department of Taxation finds that this certification is incorrect. For businesses: If you believe the business is unable to pay the submission fee, check this waiver request box. Waiver of the submission fee is not automatic. If the Department of Taxation determines that you can pay the submission fee, payment will be required before your offer in compromise can be considered. Instructions In general, a submission fee of $50.00 must be paid when you file for an offer in compromise based on doubtful collectibility. Waiver of Fee for Individuals The fee does not apply if: • You are an individual, or the offer in compromise is for a sole proprietorship or a disregarded singlemember limited liability company, AND • Your gross monthly household income meets the Low Income Certification Guidelines shown below. Low Income Certification Guidelines Individuals and Sole Proprietors Only Family Size Gross Monthly Income 1 2 3 4 5 6 7 8 For each additional person add: Va. Dept. of Taxation  1601272  Rev. 06/18 $2,529 $3,429 $4,329 $5,229 $6,129 $7,029 $7,929 $8,829 $900 Waiver of Fee for Businesses If you believe the business is unable to pay the submission fee, check the Submission Fee Waiver Request box above. Waiver of the submission fee is not automatic. If the Department of Taxation determines that you can pay the submission fee, payment will be required before your offer in compromise can be considered. What to File Attach your payment to Form OIC-Fee and place at the front of the package that you submit. Individual Filers: File Form OIC-Fee, Form OIC I-3, and FIN I-1. Business Filers: File Form OIC-Fee, Form OIC B-3, and FIN B-1. Where to File and Pay Make check payable to the Virginia Department of Taxation Mail with your completed offer package to: Virginia Department of Taxation P.O. Box 2475 Richmond, Virginia 23218-2475 Virginia Department of Taxation Form OIC B-3 BUSINESS OFFER IN COMPROMISE: DOUBTFUL COLLECTIBILITY Please read the instructions carefully before completing this form. A submission fee is required. Business Name __________________________________________________________________________ Trading As __________________________________________________________________________ Address __________________________________________________________________________ __________________________________________________________________________ Contact Name, Title, and Telephone Number ___________________________________________________ Virginia Account Number or Federal Employer Identification Number ________________________________ I/We submit this offer to settle tax, penalties, and/or interest for assessment(s) as follows: (complete all that apply): Sales Tax for the period(s) __________________________________________________________________ Employer Withholding Tax for the period(s) _____________________________________________________ Corporation Income Tax or Pass-Through Entity for the period(s) ___________________________________ Other (specify) for the period(s) ______________________________________________________________ I/We offer to pay a total of $_____________ through: †† Full Payment within_________ days †† Payments of $__________ a month for __________ months †† Other ____________________________________________________________________________ I/We hereby grant the power of attorney to act for the business entity with respect to this offer in compromise to: Name ________________________________________________________________________________ Address ________________________________________________________________________________ ________________________________________________________________________________ Telephone Number _____________________________ Fax Number ______________________________ Under penalties of law I/we, the undersigned, declare that I/we have examined this offer, including accompanying schedules and statements, and to the best of my/our knowledge, it is true, accurate, and complete. I/We grant authorization to verify any financial data by use of a credit report. Signature of Taxpayer __________________________________________________ Date________________ Printed Name of Taxpayer ________________________________________ Title______________________ Signature of Taxpayer’s Representative ____________________________________ Date________________ Attach all required documentation, including the FIN B-1: Financial Statement for Businesses and Form OIC-Fee, Payment for Doubtful Collectibility Offer In Compromise - see instructions Va. Dept. of Taxation  3200012  Rev. 06/17 Instructions and Conditions for Filing an Offer in Compromise What is an offer in compromise? An offer in compromise is a request to settle an assessment of tax, penalty, and/or interest for less than the amount assessed. Section 58.1-105 of the Code of Virginia allows the Tax Commissioner to settle an assessment through an offer in compromise under certain circumstances, including potential inability to collect the balance due. If you are currently experiencing financial hardship, doubtful collectibility may exist if you can demonstrate that you cannot pay your tax liabilities in full. To enable us to consider a claim of doubtful collectibility, you must provide a completed financial statement using the FIN B-1: Financial Statement for Businesses. You are encouraged to provide any other supporting documentation, such as a letter of circumstance, that will help us evaluate your claim. See Recommended Documentation below. DO NOT USE THIS FORM if you are seeking relief because of doubtful liability, or if you are only requesting waiver of penalty for reasonable cause. Use Form OIC B-2, Business Offer in Compromise: Penalty Waiver/ Doubtful Liability, available on our website at www.tax.virginia.gov. DO NOT FILE AN OFFER IN COMPROMISE IF YOUR BILL IS INCORRECT. To protest the bill, contact the Office of Customer Services at: (804) 367-8037 or P.O. Box 1115, Richmond, VA 23218-1115. If you believe the assessment is erroneous based on an improper application of the law (as opposed to an administrative error), you may file an administrative appeal pursuant to Sec. 58.1-1821. See Title 23 of the Virginia Administrative Code 10-20-165 and the Virginia Taxpayer Bill of Rights for specific requirements and time limitations for filing an appeal. CONDITIONS FOR SUBMITTING AN OFFER IN COMPROMISE hh Your account must be in a current status before an offer in compromise can be considered, which means that all returns due as of the date the offer is submitted must be filed and processed. hh You are not required to make a payment with your offer. If a check is submitted with the offer, it will be deposited upon receipt. Depositing the check does not mean that the offer has been accepted. hh Your attorney, tax preparer, or other representative can submit an offer in compromise request form on your behalf. Both you and your representative must sign the submitted form. hh You will receive a written response to inform you whether your offer has been accepted as offered, accepted with changes, or denied. You must follow the terms of acceptance, or the acceptance will be voided. Although there is no right of appeal in the offer in compromise process, in the case of a denial you may submit additional information for reconsideration. Required Documentation: • Current FIN B-1: Financial Statement for Businesses fully completed. • Form OIC-Fee, Payment for Doubtful Collectibility Offer In Compromise, with payment. Recommended Documentation. Attach all that are applicable: • A letter of circumstance, explaining your situation. • A current profit and loss statement covering at least the most recent 6-12 month period. • Copies of the three most recent statements for each bank and investment account. • If an asset is used as collateral on a loan, include copies of the most recent statements from lender(s) on loans, monthly payments, loan payoffs, and balances. • Copies of the most recent statements of outstanding notes receivable. • Copies of the most recent statements from lenders on loans, mortgages (including second mortgages), monthly payments, loan payoffs, and balances. Mail the completed form and attachments to: Tax Commissioner Virginia Department of Taxation P.O. Box 2475 Richmond, VA 23218-2475 Form FIN B-1 Financial Statement for Businesses Note: Complete all blocks. Write N/A (not applicable) in those blocks that do not apply. 1. Taxpayer Information Name and address of business: Contact Phone Number: Website: Entity Type:  Sole Proprietor  Partnership  Corporation Name and title of person submitting offer:  S Corp  LLC Other (specify) Employer Identification Number (EIN): Number of Employees: Trade name and description of business: Locality (City/County): Average Gross Monthly Payroll: 2. Information about owner, partners, officers, majority shareholders, etc. Effective Date Name and Title Home Address Phone Number Social Security Number Annual Salary Total Shares of Interest Is this business a member of an affiliated group? If Yes, list the Name(s) and Employer Identification Numbers(s): Name Relationship EIN 3. General Financial Information a. Bank accounts (include savings and loans, credit unions, IRA and retirement plans, certificates of deposit, etc.) Name of Financial Institution Address Type of Account Account Number Balance b. Bank credit available (lines of credit, credit cards, etc.) Name of Financial Institution Va. Dept. of Taxation  3200010  Rev. 09/16 Address Credit Limit Page 1 Amount Owed Credit Available Monthly Payment c. Real Property (brief description and address) Used as Collateral Owner of Record 1. Amount Owed Value Yes No Locality (City/County) 2. Yes No Locality (City/County) 3. Yes No Locality (City/County) 4. Yes No Locality (City/County) d. Life insurance policies owned with business as beneficiary Name of Insured Company Policy Number Type (Whole/Term) Face Amount Available Loan Value e. Vehicle Information (enter information about any cars, boats, motorcycles, RV’s, etc., owned or leased by the business) Vehicle Description City/State of Registration Registered Owner Amount Owed Value 1. 2. 3. f. Machinery and Equipment Description Value Amount Owed 1. 2. 3. g. Other Assets (include any investments in pass-through entities) Description Value Amount Owed 1. 2. 3. 4. Other information relating to your financial condition. If you check the “Yes” box, please give dates and explain in comments box below Court Proceedings: Yes No Repossessions/Foreclosures: Yes No Anticipated increase in income: Yes No Delinquent Federal Taxes: Yes Bankruptcies: Yes No Recent sale or other transfer of assets for less than full value: Participant or beneficiary to trust, estate, profit sharing, etc.: Yes No Yes No If Yes, outstanding balance: _______________ Comments: Page 2 No 5. Asset and Liability Analysis Description Current Market Value Liabilities Balance Due Equity in Asset Cash on Hand Bank Accounts Accounts/Notes Receivable Life Insurance Loan Value 1. Real Property (from Item 3 c.) 2. 3. 4. 1. Vehicles (from Item 3 e.) 2. 3. 1. Machinery and Equipment (from Item 3 f.) 2. 3. 1. Other Assets (from Item 3 g.) 2. 3. Merchandise Inventory Other Liabilities (including Notes and Judgments) Federal Taxes Owed State Taxes Owed Local Taxes Owed Total Page 3 Amount of Payment Name/Address of Lien Holder Date of Final Payment 6. Income and Expense Analysis Indicate whether reporting:     Annually    Quarterly    Monthly Period Beginning ___________ Period Ending ___________ Accounting method used: Income Cash Accrual Expenses Gross receipts from sales, services, etc. Materials Purchased Gross rental income Net Wages and Salaries Interest Mortgage Dividends Rent Other income (specify) Installment Payments Supplies Utilities/Telephone Gasoline/Oil Repairs and Maintenance Insurance Current Taxes Other (specify) Total Income Total Expenses Net Difference (total income minus total expenses) 7. Supplemental Questions Are you the plaintiff or defendant? Are you involved in any lawsuits? No (Skip to Certification) Yes (Answer the questions in this section and provide a brief explanation)    Plaintiff Defendant Lawsuit Information: Docket Number: ___________ Attorney Name: ____________________ Defendant Name: ___________________ Date Initiated: ____________ Estimated Settlement Date: ____________ Expected Award/Penalty: ____________ Comments: Page 4 Certification: …… Under penalties of law, I/we declare that to the best of my/our knowledge and belief, this statement of assets, liabilities, and other information is true, correct, and complete. …… I/We grant authorization to verify any financial data by use of a credit report. Taxpayer Signature ___________________________________________ Title ___________________________________ Printed Name_ _____________________________________________________Date ____________________________ Authorized Representative Signature _ __________________________________________________________________ Printed Name ______________________________________________________Date ____________________________ Recommended documentation. Attach all that are applicable: …… Letter of circumstance, explaining your situation. …… A current profit and loss statement covering at least the most recent 12 month period. …… Copies of the three most recent statements for each bank and investment account. …… If an asset is used as collateral on a loan, include copies of the most recent statements from lender(s) on loans, monthly payments, loan payoffs, and balances. …… Copies of the most recent statements of outstanding notes receivable. …… Copies of the most recent statements from lenders on loans, mortgages (including second mortgages), monthly payments, loan payoffs, and balances. Page 5
Extracted from PDF file 2018-virginia-form-oic-ind.pdf, last modified June 2017

More about the Virginia Form OIC-IND Individual Income Tax

We last updated the OIC Offer in Compromise Individual in January 2019, and the latest form we have available is for tax year 2018. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Virginia Department of Taxation. You can print other Virginia tax forms here.

Other Virginia Individual Income Tax Forms:

TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 760 760 - Resident Individual Income Tax Return
Form VA-4 Employee's Withholding Exemption Certificate
Income Tax Instructions Virginia Income Tax Instructional Booklet
Schedule ADJ ScheduleADJ- VA ScheduleADJ
Form 760PY Part-Year Resident Individual Income Tax Return

Download all VA tax forms View all 136 Virginia Income Tax Forms


Form Sources:

Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form OIC-IND from the Department of Taxation in January 2019.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Virginia Form OIC-IND

We have a total of six past-year versions of Form OIC-IND in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form OIC-IND

OIC B-3 - Business Offer in Compromise: Doubtful Collectibility

2017 Form OIC-IND

OIC B-3 - Business Offer in Compromise: Doubtful Collectibility

2016 Form OIC-IND

Microsoft Word - OICform-ind 7 08.doc

OIC Offer in Compromise Individual 2015 Form OIC-IND

Microsoft Word - OICform-ind 7 08.doc

OIC Offer in Compromise Individual 2013 Form OIC-IND

Microsoft Word - OICform-ind 7 08.doc

2011 Form OIC-IND

Microsoft Word - OICform-ind 7 08.doc


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