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I am doing OIC in canopy software I completed the 433A is that all I need sent in to IRS.


  • jeffrey.mcnealjeffrey.mcneal Posts: 207 admin

    To submit an OIC, a 433-A(OIC) and 656 need to be completed if submitting under Doubt as to Collectability (along with documented proof of expenses). If you are submitting under Doubt as to Liability, you simply need the 656.
    Take a look at the basic information on the IRS site:

  • I have an OIC case under preliminary approval by the OIC Appeals officer. He's running it by the powers that be. My client has extended his 2018 tax return which is still not filed. Is it advisable to file the 2018 return prior to final approval, or wait until final approval is given by the OIC Appeals manager? I know that all tax returns need to be filed, so I'm concerned that it will cause an issue. The OIC Appeals officer hasn't mentioned anything about it. Also, my client hasn't provided his information to prepare the return yet. Any thoughts on this is much appreciated. TIA

  • jeffrey.mcnealjeffrey.mcneal Posts: 207 admin

    They haven't mentioned 2018, because of the extension. By definition, your client in current and compliant. The real question is what does the 2018 return hold? Any surprises and potential balances owed? If you are expecting your client to owe on the tax year, you need to take that into consideration. If you submit, it gets processed and there is a balance, it could blow up the OIC deal. If you wait until after acceptance and there is a balance, it will default the OIC agreement.

    So with that being said, IF you expect a balance, your client needs to start finding money to pay that balance when submitted. Remember, the client must remain in good graces for 5 years after the agreement. See the attachment

  • jeffrey.mcnealjeffrey.mcneal Posts: 207 admin

    Not sure if the attachment connected. Here it is again.

  • Thanks for the input.

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