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WWW.IRS.gov Form 656P (Rev. 12000) Catalog Number 73133Y Form 656P Offer in Compromise The following pages contain: s Information you need to know before submitting an offer in compromise s Instructions

How to fill out bform 656b-p

How to fill out bform 656b-p:

1. Gather all necessary information and documentation that will be required to complete the form. This may include personal information, financial records, and any supporting documents needed for the specific purpose of the form.
2. Begin filling out the form by entering your personal details in the designated fields. This may include your full name, address, contact information, and any other relevant personal identification details.
3. Proceed to provide the specific information requested in each section of the form. Different sections may require details such as income information, tax history, or any other pertinent information related to the purpose of the form.
4. Take your time to carefully review each section of the form before moving on to the next. Ensure that all information provided is accurate and up-to-date.
5. If there are any attachments or supporting documents required, make sure to properly attach them to the form according to the instructions provided. Double-check that all documents are legible and securely fastened.
6. After completing all sections of the form, review it once again to make sure no errors or omissions have been made. Pay attention to any specific instructions or additional steps mentioned within the form.
7. Sign and date the form in the designated areas, indicating that all the information provided is true and accurate to the best of your knowledge.

Who needs bform 656b-p:

1. Individuals who are required to resolve tax issues or disputes with the Internal Revenue Service (IRS) may need to fill out bform 656b-p. This form is specifically used for submitting an offer in compromise, which is a request to settle tax debts for a lower amount than what is owed.
2. Taxpayers facing financial hardship or those unable to pay the full amount of tax debt may utilize bform 656b-p to propose an acceptable compromise amount.
3. The form is applicable to both individuals and businesses who have outstanding tax liabilities and wish to negotiate a settlement with the IRS.

Overall, anyone seeking to settle their tax debts through an offer in compromise will need to familiarize themselves with and potentially fill out bform 656b-p. It is crucial to carefully follow the instructions and provide accurate information to increase the chances of a successful resolution with the IRS.

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What is bform 656b-p?

Bform 656b-p is a document used by taxpayers to request an installment agreement for payment of taxes owed to the IRS.

Who is required to file bform 656b-p?

Taxpayers who owe taxes to the IRS and are unable to pay the full amount at once may be required to file bform 656b-p to request a payment plan.

How to fill out bform 656b-p?

To fill out bform 656b-p, taxpayers must provide information about their tax liabilities, financial situation, and proposed payment plan.

What is the purpose of bform 656b-p?

The purpose of bform 656b-p is to request an installment agreement with the IRS to pay taxes owed over time.

What information must be reported on bform 656b-p?

Information such as taxpayer identification number, tax liabilities, proposed monthly payment amount, and financial information must be reported on bform 656b-p.