Complete one Form 656 for your individual tax debts and one Form 656 for your business tax debts. Each Form 656 will require the 186 application fee and initial payment. Do not send original documents. Fill out Form 656. The Form 656 identifies the tax years and type of tax you would like to compromise. The Form 656-L is not included as part of this package. To request a Form 656-L visit www. irs. gov or a local IRS office or call toll-free 1-800-TAX-FORM 1-800-829-3676. One Form 656 will be for...the individual tax debts while the second Form 656 will be for the LLC employment tax debts incurred after January 1 2009 and excise tax debts after January 1 2008. Form 656 Booklet Offer in Compromise CONTENTS What you need to know. 1 Paying for your offer. 3 How to apply. You will complete one Form 656 for yourself listing all your joint and any separate tax debts and your spouse will complete one Form 656 listing all his or her joint tax debt s plus any separate tax debt s for a total of...two Forms 656. However it is recommended. Include the 186 application fee and initial payment personal check cashier s check or money order with your Form 656. Payoffs and balances. Copies of relevant supporting documentation of the special circumstances described in the Explanation of Circumstances on Form 656 if applicable. 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* Taxpayer resources The Taxpayer Advocate...Service TAS is an independent organization within the Internal Revenue Service that helps taxpayers and protects taxpayer rights. We help taxpayers whose problems with the IRS are causing financial difficulties who ve tried but haven t been able to resolve their problems with the IRS or believe an IRS system or procedure isn t working as it should. And the service is free. Your local advocate s number is in your local directory and at taxpayeradvocate. irs. gov* You can also call us at...1-877-777-4778. For more information about TAS and your rights under the Taxpayer Bill of Rights go to taxpayeradvocate. irs. gov* TAS is your voice at the IRS* Low Income Taxpayer Clinics LITCs are independent from the IRS* LITCs serve individuals whose income is below a certain level and who need to resolve a tax problem with the IRS* LITCs provide professional representation before the IRS or in court on audits appeals tax collection disputes and other issues for free or for a small fee. For...more information and to find an LITC near you see the LITC page at www. taxpayeradvocate. irs. gov/litcmap or IRS Publication 4134 Low Income Taxpayer Clinic List. This Publication is also available by calling the IRS toll-free at 1-800-829-3676 or visiting your local IRS office. Your offer will be immediately returned without Note If it is determined you have not filed all tax returns any initial payment sent with your offer will be applied to your tax debt and your offer will be returned along...with your application fee.
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Instructions and Help about IRS 656-B
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How to fill out IRS 656-B
To fill out the IRS 656-B form, follow these steps:
01
Obtain the form from the IRS website or pdfFiller.
02
Provide your personal information, including your name, Social Security number, and address.
03
Review the instructions for specific sections to understand what information is required.
04
Complete the form in its entirety, ensuring all necessary fields are filled in.
05
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About IRS 656-B 2017 previous version
What is IRS 656-B?
IRS 656-B is the form used to propose an offer in compromise (OIC) to settle tax liabilities with the Internal Revenue Service. This form allows taxpayers to negotiate a settlement amount that is less than their total tax debt based on their ability to pay. Understanding this form is crucial for individuals seeking tax relief.
When am I exempt from filling out this form?
You may be exempt from filling out the IRS 656-B if you do not have outstanding tax liabilities or if your situation is sufficiently managed by a payment plan with the IRS. Additionally, individuals whose tax liabilities are less than $1,000 may not require this form to propose a settlement.
What are the penalties for not issuing the form?
If you do not issue the IRS 656-B form when necessary, you may incur penalties, including continued accumulation of interest on your unpaid tax liabilities and potential enforcement actions by the IRS. Failing to file could negatively affect your ability to negotiate a settlement.
Is the form accompanied by other forms?
The IRS 656-B form is often accompanied by Form 433-A (for individuals) or Form 433-B (for businesses). These forms collect detailed financial information that the IRS requires to evaluate your offer in compromise.
Where do I send the form?
The completed IRS 656-B form should be sent to the address specified in the instructions on the form itself. Ensure that you check for the correct submission address based on your location and whether you are filing as an individual or business entity.
What is the purpose of this form?
The purpose of the IRS 656-B form is to formally present an offer in compromise to the IRS. Taxpayers submit this form to propose a settlement on back owed taxes. By offering a lower amount than originally owed, the taxpayer may find a resolution that is financially manageable.
Who needs the form?
The IRS 656-B form is necessary for individuals or businesses that owe back taxes and wish to propose an offer to settle their tax debts. Taxpayers who cannot afford to pay their entire tax liabilities may benefit from submitting this form.
Components of the form
The IRS 656-B form consists of several key components, including personal information, details regarding your tax liabilities, and the proposed offer amount. Additionally, you'll need to provide financial information that supports your offer, including income, expenses, and assets.
What information do you need when you file the form?
When filing the IRS 656-B form, you will need the following information:
01
Your full name, Social Security number, and address.
02
A description of your financial situation, including income sources and expenses.
03
Details regarding your tax liabilities and the amount you are proposing to offer.
04
Relevant documentation supporting your offer, such as bank statements and pay stubs.
FAQ about IRS 656-B
What should I do if I need to correct a mistake on my form 656 2017 after submission?
If you find an error on your form 656 2017 after submission, you should submit an amended form. It's essential to clearly indicate in the new submission that it is a correction of a previously filed form. Ensure that you retain all records and documentation related to both the original and amended filings for your records.
How can I verify the status of my form 656 2017 after filing?
To verify the status of your submitted form 656 2017, you can check the filing status through the IRS online portal, or call the designated hotline for status inquiries. Keep in mind that processing times may vary, and tracking might take several days after submission.
What are common reasons for rejection of e-filed form 656 2017 and how can I resolve them?
Common rejection codes for e-filed form 656 2017 include mismatched information, incomplete fields, or incorrect formatting. To resolve these issues, carefully review the rejection message, correct any indicated errors, and resubmit the form. Ensure that your software is updated to meet current IRS requirements before re-filing.
How should I handle filing a form 656 2017 on behalf of a nonresident or a foreign payee?
When filing a form 656 2017 on behalf of a nonresident or foreign payee, be sure to include any additional information required for foreign entities. This may involve providing a valid ITIN or EIN. It’s recommended to consult specific IRS guidance or a tax professional to ensure compliance with applicable regulations.
What should I do if I receive a notice after submitting my form 656 2017?
Upon receiving a notice or letter regarding your form 656 2017, carefully read the instructions provided. Follow the guidance on what documentation to prepare and how to respond. If needed, consider seeking assistance from a tax professional to ensure your response addresses the notice effectively.
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