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WWW.IRS.gov Form 656 (Rev. 52001) Catalog Number 16728NForm 656Offer in Compromise This Offer in Compromise package includes: Information you need to know before submitting an offer in compromise
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How to fill out form 656
How to fill out form 656:
01
Begin by providing your personal information such as your name, address, social security number, and contact information.
02
Next, indicate your tax liabilities and the tax years for which you owe taxes.
03
Determine the type of offer you are making - either a lump sum offer, periodic payment offer, or a combination offer.
04
Calculate your offer amount based on the guidelines provided in the form and attach any required documentation to support your offer.
05
Fill out the financial and employment sections of the form, providing details about your income, expenses, and assets.
06
Sign and date the form, certifying that all the information provided is accurate to the best of your knowledge.
Who needs form 656:
01
Individuals who are unable to pay their tax debt in full and wish to request a compromise with the IRS.
02
Taxpayers who believe they meet the criteria for an Offer in Compromise and want to negotiate a settlement amount with the IRS.
03
Those who have received a notice of federal tax lien, levy, or seizure and want to explore options for resolving their tax debt.
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What is form 656?
Form 656 is the Offer in Compromise application, which is used by taxpayers to propose a settlement with the Internal Revenue Service (IRS) to resolve their tax liabilities.
Who is required to file form 656?
Individuals, businesses, and corporations with outstanding tax liabilities may be required to file form 656 if they wish to apply for an Offer in Compromise with the IRS.
How to fill out form 656?
Form 656 must be completed accurately and in detail. It requires providing personal information, tax details, financial statements, and supporting documentation. It is recommended to consult with a tax professional for assistance in filling out this form.
What is the purpose of form 656?
The purpose of form 656 is to propose a settlement with the IRS to resolve tax liabilities. It allows taxpayers to potentially pay less than the total amount owed by demonstrating an inability to pay the full amount.
What information must be reported on form 656?
Form 656 requires reporting personal information such as name, address, and social security number. Additionally, it requires detailed financial information including income, assets, and expenses. Supporting documentation like tax returns and bank statements may also be required.
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