Get the free Form 656-B (Rev. 5-2012). Form 656 Booklet Offer in Compromise - irs

Documentation. Before you submit your offer, you must (1) file all tax returns you are legally required to file, (2) make all ...

How to fill out form 656-b rev 5-2012

How to fill out form 656-b rev 5-2012?

1. Start by downloading the form from the official IRS website or obtain a physical copy from a local IRS office.
2. Carefully read the instructions provided with the form to understand the purpose and requirements for filling it out.
3. Begin by entering your personal information in the appropriate sections of the form. This may include your name, address, social security number, and contact details.
4. Fill out the sections related to your tax liabilities and any outstanding debts you have with the IRS. Provide accurate information and double-check all the numbers to ensure they are correct.
5. If you are making an offer in compromise (OIC) to settle your tax debt, complete the required sections pertaining to this process. Include details about your proposed offer amount and the reasons for requesting an OIC.
6. Provide supporting documentation as instructed by the form or mentioned in the accompanying instructions. This may include financial statements, bank statements, or any other documents that validate your financial situation.
7. Make sure to sign and date the form, indicating that the information provided is true and accurate to the best of your knowledge.
8. Keep a copy of the completed form for your records.

Who needs form 656-b rev 5-2012?

1. Individuals or businesses who have outstanding tax debts and are seeking to resolve them with the IRS may need to fill out form 656-b rev 5-2012.
2. This form is specifically designed for taxpayers who wish to make an offer in compromise to settle their tax debts for less than the full amount owed.
3. It is important to note that not everyone will qualify for an offer in compromise, and the decision ultimately rests with the IRS based on a thorough evaluation of the taxpayer's financial situation.

For pdfFiller’s FAQs

What is form 656-b rev 5?

Form 656-b rev 5 is a Collection Information Statement form used by the Internal Revenue Service (IRS) for individuals or businesses who wish to submit an offer in compromise to settle their tax debts.

Who is required to file form 656-b rev 5?

Individuals or businesses who are seeking to settle their tax debts with an offer in compromise are required to file form 656-b rev 5.

How to fill out form 656-b rev 5?

Form 656-b rev 5 must be filled out completely and accurately, providing detailed information about the taxpayer's financial situation and ability to pay their tax debts.

What is the purpose of form 656-b rev 5?

The purpose of form 656-b rev 5 is to provide the IRS with a detailed financial statement in order to determine eligibility for an offer in compromise and the amount that can be realistically paid.

What information must be reported on form 656-b rev 5?

Form 656-b rev 5 requires detailed information about the taxpayer's income, expenses, assets, and debts, as well as supporting documentation such as bank statements and pay stubs.

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