IRS 656-L 2018 free printable template

Form 656-L Offer in Compromise Doubt as to Liability CONTENTS What you need to know. 2 Important information. 3 Form 656-L. 5 IRS contact information If you have questions regarding qualifications for an offer in compromise please call our toll-free number at 1-800-829-1040. To request consideration under doubt as to collectibility do not use this form. You must complete a Form 656 Offer in Compromise found in Form 656-B Offer in Compromise Booklet. Treasury. gov/oicprequalifier/....

How to fill out IRS 656-L

How to fill out IRS 656-L

1. Obtain the IRS Form 656-L from the IRS website or local IRS office.
2. Fill in your personal information such as name, address, and Social Security number at the top of the form.
3. Select the appropriate box if you are requesting a refund or an Offer in Compromise.
4. Provide details about your tax liabilities, including the tax year and amount owed.
5. Explain the reason for your request in the designated section, providing any necessary documentation.
6. Sign and date the form at the bottom to certify that the information provided is true and accurate.
7. Submit the completed form to the appropriate IRS address based on your location and situation.

Who needs IRS 656-L?

1. Individuals who wish to request a refund of an Overpayment or seek an Offer in Compromise due to inability to pay their tax liabilities.

Instructions and Help about IRS 656-L

Hey guys my name is Anthony Fontana I'm a CPA with ea tax resolutions in this video we're going to be going over line by line in detail how to fill out the iris form 656 to submit an offer in compromise if at any point in this video you think this is way too much, and you want to hire a professional well you're in luck I'm here to help you out a link in the description you can schedule appointment with me, we charge a flat 250, and we go through your case, and we give you your options see if you even qualify for something like this all right so the 656 is the form you need to fill out definitely to file an offer and compromise, and it lays out the terms of the offer it is basically the con it's not basically it is the contract for the offer now if the offer changes later when the IRS maybe discovers something new or things change then they will amend the 656 later, but you will need to submit the form 656 to file an offer and compromise all right so here it is the 656...

People Also Ask about

How do I complete an offer in compromise IRS?

You must provide a written statement explaining why the tax debt or portion of the tax debt is incorrect. In addition, you must provide supporting documentation or evidence that will help the IRS identify the reason(s) you doubt the accuracy of the tax debt.

Can I file my own Offer in Compromise?

You can apply for an OIC directly or with the help of a tax or legal professional. Whether you go at it on your own or submit it with the help of a professional, use the Offer in Compromise Application Checklist in the IRS Form 656 Booklet.

How do you fill out an Offer in Compromise?

What Are the Specific Steps for an Offer in Compromise? Gather personal and financial information. Fill out all forms: Form 656, Form 433 A, and Form 433 B. Attach all required documents. Pay the application fee.

How do I get an OIC approved by the IRS?

To qualify for an OIC, the taxpayer must have filed all tax returns, have received a bill for at least one tax debt included on the offer, made all required estimated tax payments for the current year, and if the taxpayer is a business owner with employees, the taxpayer must have made all required federal tax deposits

How much should I offer the IRS in an offer in compromise?

There are 2 basic Offer in Compromise formulas: On a 5-month repayment plan: (Available Monthly Income x 12) + Value of Personal Assets. On a 24-month repayment plan: (Available Monthly Income x 24) + Value of Personal Assets.

How long does it take for the IRS to accept an OIC?

Processing times vary, but you can expect the IRS to take at least six months to decide whether to accept or reject your Offer in Compromise (OIC). The process can take much longer if you have to dispute the examiner's findings or appeal their decision.

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What is IRS 656-L?

IRS 656-L is a form used to submit an Offer in Compromise (OIC) for a low-income taxpayer with respect to federal tax debt, allowing them to settle their tax liabilities for less than the full amount owed.

Who is required to file IRS 656-L?

Taxpayers who qualify as low-income and owe federal tax liabilities are required to file IRS 656-L when they wish to submit an Offer in Compromise to the IRS.

How to fill out IRS 656-L?

To fill out IRS 656-L, taxpayers must provide personal information, such as their name, address, and Social Security number, along with details about their tax debt and financial situation. The form must be completed accurately and submitted along with any required supporting documentation.

What is the purpose of IRS 656-L?

The purpose of IRS 656-L is to allow low-income taxpayers to propose an Offer in Compromise to settle their tax debts for less than what is owed, providing them with a financial relief option.

What information must be reported on IRS 656-L?

The information that must be reported on IRS 656-L includes the taxpayer's personal details, the amount of tax debt owed, proof of low-income status, and any financial information needed to assess the taxpayer's ability to pay.