Hi,
I have just about finished an OIC. I plan on submitting as a low income tax payer.
In the OIC form 656, there are several nuanced points and I can't figure out how to proceed:
1. One can choose 5 lump sums, or monthly payments over, say, 24 months. If making a lump sum, you are expected to include 20% of your offer. In my case, I have money from selling my car specifically for purposes of paying down my tax debt and as an OIC initial payment, but thereafter I will have low cash flow. On the form it says
---
The first monthly payment of $___ is included with this offer then $____ will be received on the ___
day of each month thereafter for ___ months with a final payment of $____ to be paid on the ____ day of the
___ month.
---
Then it says
---
Enclose a check for the first month's payment (waived if you met the requirements for the Low-Income Certification).
---
In my case, even though I am requesting to be viewed as low income tax payer, I would propose making the first payment large.
Now, where they say "a check for the first month's payment", could I just show them an electronic payment verification that I make today, and ask them to consider that the first payment? That way when they actually get my OIC and review it, they see my prior payment and understand to apply it as the first OIC payment?
I want to make that initial large payment now as show of good faith, and to reduce my debt sooner (and therefore penalties)., but really need it to be considered as my initial payment...
Anyway, hoping someone can shed some light.
Maybe it just comes down to my explanatory notes and a dialogue with the IRS and then they will ensure treatment of my initial electronic payment as I intend?
thanks!
