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Missouri Department of Revenue Offer in Compromise This book includes all the following to guide taxpayers through the Offer in Compromise process. Offer in Compromise policy statement. Information

How to fill out mo-656 offer in compromise

How to Fill Out MO-656 Offer in Compromise:

1. Gather all necessary documentation: Before filling out the MO-656 form, make sure you have all the required documentation such as tax returns, income statements, and proof of financial hardship.
2. Complete the personal information section: Start by entering your full legal name, SSN or EIN, current address, and contact information in the designated fields.
3. Provide details on the liabilities: List all the tax liabilities you are seeking to compromise on. Include the form types, periods, and amounts owed. If you need additional space, attach a separate sheet.
4. Describe the circumstances: In this section, explain the reasons for your current financial hardship and why you are unable to pay the full tax liabilities. Provide a detailed explanation of your financial situation, including any medical expenses, job loss, or other hardships that have led to your inability to pay.
5. Complete the financial information: Provide accurate and detailed information about your assets, income, and expenses. Include any real estate, vehicles, bank accounts, and investments you own. List your monthly income from all sources, as well as your monthly expenses such as housing, utilities, and debts.
6. Indicate your proposed compromise: In this section, state the amount you are offering to pay as a compromise. You can propose either a lump sum payment or a periodic payment plan. Provide a brief explanation of why you believe this amount is reasonable based on your financial circumstances.
7. Sign and date the form: Once you have completed all the necessary sections, sign and date the form. If you are submitting a joint offer with a spouse, make sure both of you sign the form.

Who Needs MO-656 Offer in Compromise?

1. Individuals with tax debt: The MO-656 offer in compromise is for individuals who have outstanding tax debts and are unable to pay the full amount due to financial hardship. It provides an opportunity to settle their tax liabilities for a reduced amount.
2. Businesses with tax debt: The MO-656 can also be used by businesses and self-employed individuals who have outstanding tax liabilities. It allows them to negotiate a compromise with the IRS based on their financial situation.
3. Taxpayers experiencing financial hardship: The MO-656 offer in compromise is specifically designed for taxpayers who are facing genuine financial hardship and are unable to pay their tax debts. It provides a solution for those who are struggling to meet their tax obligations and need a realistic repayment option.

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What is mo-656 offer in compromise?

The mo-656 offer in compromise is a form used by taxpayers to settle their tax debts for less than the full amount owed.

Who is required to file mo-656 offer in compromise?

Taxpayers who are unable to pay their full tax debt or who meet certain financial hardship criteria may be required to file mo-656 offer in compromise.

How to fill out mo-656 offer in compromise?

Taxpayers can fill out the mo-656 offer in compromise form by providing detailed financial information, proposed settlement terms, and supporting documentation.

What is the purpose of mo-656 offer in compromise?

The purpose of mo-656 offer in compromise is to allow taxpayers to settle their tax debts for less than the full amount owed and avoid additional collection actions.

What information must be reported on mo-656 offer in compromise?

Taxpayers must report detailed financial information, proposed settlement terms, and supporting documentation on the mo-656 offer in compromise form.