Get the free Form 656 Rev 2-2007 Offer in Compromise

Form Department of the Treasury Internal Revenue Service 656 Offer in Compromise (February 2007) Attach Application Fee and Payment (check or money order) here. IRS RECEIVED DATE Taxpayer Contact

How to fill out form 656 rev 2-2007

How to fill out form 656 rev 2-2007:

1. Gather all the necessary information: Before starting to fill out form 656 rev 2-2007, make sure to have all the required information at hand. This may include your personal details, such as name, address, and social security number, as well as any relevant financial information.
2. Understand the purpose of the form: Familiarize yourself with the purpose of form 656 rev 2-2007, which is to propose an offer in compromise (OIC) to the Internal Revenue Service (IRS). An OIC is a request to settle your tax debt for less than the full amount owed.
3. Complete the personal information section: Begin by entering your personal information accurately and legibly. This includes your full name, current address, contact information, and social security number.
4. Provide financial details: In the next section, you will be required to disclose your financial information. This includes your income, assets, and liabilities. Ensure you provide accurate and up-to-date information to the best of your knowledge.
5. Determine your offer amount: Calculate the amount you are proposing to offer the IRS as a settlement for your tax debt. This should be a reasonable offer based on your current financial situation and ability to pay.
6. Attach supporting documents: Depending on your individual circumstances, you may be required to submit certain supporting documents with form 656 rev 2-2007. These documents may include bank statements, pay stubs, tax returns, and other relevant financial records. Ensure that all documents are properly organized and attached as requested.
7. Review and sign the form: Carefully review all the information you have entered on form 656 rev 2-2007 to verify its accuracy. Once you are satisfied, sign the form and date it.

Who needs form 656 rev 2-2007:

1. Taxpayers with outstanding tax debt: Form 656 rev 2-2007 is primarily used by individuals or businesses who have unpaid tax obligations and wish to propose an offer in compromise to the IRS.
2. Individuals seeking to settle their tax debt: If you are unable to pay your tax debt in full and believe you meet the eligibility requirements for an offer in compromise, you may need to file form 656 rev 2-2007.
3. Those wanting to negotiate a compromise: Form 656 rev 2-2007 is ideal for individuals who wish to negotiate a settlement amount with the IRS to resolve their outstanding tax liability. By submitting this form, you are proposing a compromise offer to the IRS.

Please note that while the above information provides a general overview, it is always advisable to consult a tax professional or seek guidance from the IRS for specific instructions and personalized assistance when filling out form 656 rev 2-2007.

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What is form 656 rev 2?

Form 656 rev 2 is a Offer in Compromise form used by taxpayers to propose a settlement agreement with the IRS to resolve their tax debt for less than the full amount owed.

Who is required to file form 656 rev 2?

Taxpayers who are unable to pay their full tax debt and meet certain criteria may be eligible to file form 656 rev 2.

How to fill out form 656 rev 2?

Form 656 rev 2 should be completed accurately with detailed financial information, supporting documentation, and a proposed offer amount based on the taxpayer's ability to pay.

What is the purpose of form 656 rev 2?

The purpose of form 656 rev 2 is to provide taxpayers with a way to settle their tax debt with the IRS for an amount that is less than the full amount owed.

What information must be reported on form 656 rev 2?

Form 656 rev 2 requires detailed financial information, supporting documentation, proposed offer amount, and compliance with all filing requirements.