For example if your offer is accepted in 2013 and you file your 2013 Form 1040 on April 15 2014 showing a refund IRS will apply your refund to your tax debt. The refund is not considered as a payment toward your offer. Doubt as to Liability If you have a legitimate doubt that you owe part or all of the tax debt you will need to complete a Form 656-L Offer in Compromise Doubt as to Liability. Make sure to sign and date the Form 656 Rev. 1-2014 Reason for Offer Doubt as to Collectibility - I have...insufficient assets and income to pay the full amount. Exceptional Circumstances Effective Tax Administration - I owe this amount and have sufficient assets to pay the full amount but due to my narrative explaining my circumstances. Explanation of Circumstances Add additional pages if needed The IRS understands that there are unplanned events or special circumstances such as serious illness where paying the full amount or the minimum offer amount might impair your ability to provide for yourself...and your family. You must also include the completed Form 433-A OIC and/or 433-B OIC and supporting documentation. Your Contact Information Your First Name Middle Initial Last Name If a Joint Offer Spouse s First Name Middle Initial Last Name IRS Received Date Your Physical Home Address Street City State ZIP Code EIN EIN not included in offer Tax Periods To Commissioner of Internal Revenue Service In the following agreement the pronoun we may be assumed in place of I when there are joint...liabilities and both parties are signing this agreement. I submit this offer to compromise the tax liabilities plus any interest penalties additions to tax and additional amounts required by law for the tax type and period s marked below 1040 Income Tax-Year s 941 Employer s Quarterly Federal Tax Return - Quarterly period s 940 Employer s Annual Federal Unemployment FUTA Tax Return - Year s Trust Fund Recovery Penalty as a responsible person of enter corporation name for failure to pay...withholding and Federal Insurance Contributions Act taxes Social Security taxes for period s ending Other Federal Tax es specify type s and period s Note If you need more space use attachment and title it Attachment to Form 656 dated attachment. Make sure to sign and date the Form 656 Rev. 1-2014 Reason for Offer Doubt as to Collectibility - I have insufficient assets and income to pay the full amount. Form 656 Booklet Offer in Compromise CONTENTS What you need to know. 1 Paying for your...offer. 2 How to apply. 3 Completing the application package. 4 Important information. 5 Removable Forms - Form 433-A OIC Collection Information Statement for Wage Earners and Self-Employed Form 433-B OIC Collection Information Statement for Businesses Form 656 Offer in Compromise. Application Checklist. 27 IRS contact information If you have questions regarding qualifications for an offer in compromise please call our toll-free number at 1-800-829-1040. You can get forms and publications by...calling 1-800-TAX-FORM 1-800-829-3676 by visiting your local IRS office or at www*irs*gov* If you want to see if you qualify for an offer before filling out the paperwork you may use the Offer in Compromise Pre-Qualifier tool* The questionnaire format assists in gathering the information needed and provides instant feedback as to your eligibility based on the information you provided* The tool will also assist you in determining a preliminary offer amount for consideration of an acceptable...offer.
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How to fill out IRS 656-B
Instructions and Help about IRS 656-B
How to edit IRS 656-B
To edit IRS 656-B, you can utilize a PDF editing tool. Using pdfFiller, you can easily make necessary changes to the form, ensuring all information is accurate and updated. After making your edits, it is advisable to review the form thoroughly before submission.
How to fill out IRS 656-B
To fill out IRS 656-B, follow these steps:
01
Obtain a copy of the IRS 656-B form from the IRS website or a tax form provider.
02
Provide your personal information, including name and Social Security Number.
03
Indicate the type of tax liabilities you wish to address through the form.
04
Ensure to include any relevant documentation that supports your submission.
05
Review all entries for accuracy before finalizing the form.
About IRS 656-B 2014 previous version
What is IRS 656-B?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 656-B 2014 previous version
What is IRS 656-B?
IRS 656-B is the application form used by taxpayers to submit an Offer in Compromise to the Internal Revenue Service (IRS). This form allows taxpayers to propose a settlement for their tax debts, which may be less than the full amount owed. It also includes details regarding the taxpayer's financial situation.
What is the purpose of this form?
The primary purpose of IRS 656-B is to provide a structured method for taxpayers to request a compromise on their tax debts. The IRS may accept the offer if it considers that the total amount owed is uncollectible or the taxpayer is facing financial hardship. This process helps taxpayers find relief from overwhelming tax obligations.
Who needs the form?
Taxpayers who owe federal taxes and are unable to pay in full may need to file IRS 656-B. Individuals who are facing significant financial difficulties or who believe that the IRS cannot collect the full amount owed due to their financial circumstances should consider submitting this form.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 656-B if you are currently in bankruptcy proceedings, if you are in the midst of an ongoing offer in compromise, or if you do not owe any tax. Additionally, if you are actively working with the IRS on an installment agreement, you may not need to file this form.
Components of the form
IRS 656-B consists of several key components, including sections for taxpayer identification, the offer amount, and financial disclosures. It also requires information about the taxpayer's income, expenses, and assets. Ensuring that all sections are completed accurately is crucial for the IRS's evaluation of the offer.
What are the penalties for not issuing the form?
Failing to file IRS 656-B or providing inaccurate information can result in the rejection of your offer in compromise. Additionally, taxpayers may remain liable for the full amount of their tax debts, including interest and penalties, if the IRS deems that the compromise offer is unsatisfactory.
What information do you need when you file the form?
When filing IRS 656-B, you typically need to provide personal information, including your full name, Social Security Number, and contact information. You will also need to complete your financial disclosure, which involves detailing your income, expenses, and assets. Accurate representation is essential for the processing of your offer.
Is the form accompanied by other forms?
IRS 656-B may need to be accompanied by additional forms, such as IRS Form 433-A (OIC) for individuals submitting offers based on financial hardship. The specific forms required can depend on your individual circumstances and the nature of your tax debt.
Where do I send the form?
Once you have completed IRS 656-B, the form should be mailed to the appropriate IRS address listed in the form instructions. The mailing address can vary depending on your location and the presence of payment. It is crucial to refer to the instructions specific to your situation.
FAQ about IRS 656-B
What should I do if I realize I've made a mistake on my submitted 2014 IRS Form 656?
If you discover an error after filing your 2014 IRS Form 656, you can submit an amended form. Ensure that you clearly mark it as an amendment and follow the IRS guidelines for correcting mistakes. It's essential to keep a record of the original submission and any amendments for your records.
How can I check the status of my 2014 IRS Form 656 submission?
To verify the status of your 2014 IRS Form 656, visit the IRS website and use their provided tools for tracking submissions. You may need to provide specific information about your submission for accurate updates, such as your Social Security number or Employer Identification Number.
What common errors should I avoid when filing the 2014 IRS Form 656?
Common mistakes when submitting the 2014 IRS Form 656 include incorrect amounts reported, missing signatures, and failure to include necessary documentation. Carefully double-check your numbers and ensure all required fields are filled in before submission to minimize issues.
What should I do if my submission of the 2014 IRS Form 656 is rejected?
If the IRS rejects your 2014 IRS Form 656, carefully review the rejection notice to identify the reason. Correct the issues noted and resubmit the form as soon as possible to avoid delays in processing your request.
Are there any specific requirements for e-filing the 2014 IRS Form 656?
When e-filing your 2014 IRS Form 656, ensure that you are using compatible software that meets IRS specifications. You will also need to set up an e-signature if required, and review the technical requirements to guarantee your form is submitted correctly without issues.
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