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WWW.IRS.gov Form 656 (Rev. 52001) Catalog Number 16728NForm 656Offer in Compromise This Offer in Compromise package includes: Information you need to know before submitting an offer in compromise

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How to fill out this offer in compromise

01

Gather all necessary financial information, including income, expenses, and assets.

02

Complete Form 656, Offer in Compromise, and any other required forms.

03

Calculate and propose a reasonable settlement amount that you can afford to pay.

04

Submit the completed forms and supporting documentation to the appropriate IRS office.

05

Wait for the IRS to review your offer and make a decision.

06

If your offer is accepted, follow the agreed-upon payment plan.

07

If your offer is rejected, you have the right to appeal the decision and provide additional documentation.

08

Make sure to fulfill all the terms and conditions of the accepted offer to avoid any future penalties or issues.

Who needs this offer in compromise?

01

Individuals who are unable to pay their tax debt in full may benefit from an offer in compromise.

02

Businesses facing financial hardship or bankruptcy may also qualify for this program.

03

It is important to consult with a tax professional or an attorney to determine eligibility and understand the process.

04

Each case is unique, and the IRS evaluates offers based on the taxpayer's ability to pay and the overall financial situation.

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What is this offer in compromise?

This offer in compromise is a program that allows taxpayers to settle their tax debt for less than the full amount owed.

Who is required to file this offer in compromise?

Taxpayers who are unable to pay their full tax debt or would suffer financial hardship by doing so may be eligible to file an offer in compromise.

How to fill out this offer in compromise?

Taxpayers can fill out the offer in compromise form provided by the IRS, detailing their financial situation and proposing a settlement amount.

What is the purpose of this offer in compromise?

The purpose of this offer in compromise is to provide taxpayers with a way to resolve their tax debt and avoid harsh collection actions by the IRS.

What information must be reported on this offer in compromise?

Taxpayers must report their income, expenses, assets, and liabilities on the offer in compromise form.

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