Get the free Form 656-L (Rev. 1-2018). Offer in Compromise (Doubt as to Liability)

Form 656LOffer in Compromise (Doubt as to Liability) CONTENTS What you need to know................................................................................. 2 Important information ....................................................................................

How to fill out form 656-l rev 1-2018

How to fill out form 656-l rev 1-2018

1. To fill out Form 656-L Rev. 1-2018, follow these steps:
2. Step 1: Fill in your personal information such as name, address, and social security number.
3. Step 2: Provide your contact information including phone number and email address.
4. Step 3: Indicate the type of tax you owe and the tax years involved.
5. Step 4: Fill out the Asset and Liability Worksheet to provide a detailed overview of your financial situation.
6. Step 5: Complete the Reasonable Collection Potential Section to determine your ability to pay the tax debt.
7. Step 6: Attach any required supporting documents such as pay stubs, bank statements, or proof of income.
8. Step 7: Review the form for accuracy and completeness before signing and dating it.
9. Step 8: Submit the filled-out form to the appropriate IRS office or follow the specific instructions provided by the IRS.
10. Note: It is recommended to consult with a tax professional or refer to the IRS instructions for detailed guidance on filling out Form 656-L Rev. 1-2018.

Who needs form 656-l rev 1-2018?

1. Form 656-L Rev. 1-2018 is needed by individuals who are seeking an offer in compromise (OIC) with the Internal Revenue Service (IRS) to settle their tax debt for less than the full amount owed. This form is specifically designed for individuals who are unable to pay their tax debt in full and want to negotiate a compromise payment with the IRS.

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What is form 656-l rev 1?

Form 656-L Rev 1 is the Offer in Compromise (OIC) Application Form used by taxpayers to propose a compromise with the IRS to settle their tax debt for less than the full amount owed.

Who is required to file form 656-l rev 1?

Taxpayers who are unable to pay their tax debt in full and meet certain eligibility requirements can file Form 656-L Rev 1 to request an Offer in Compromise with the IRS.

How to fill out form 656-l rev 1?

Taxpayers must carefully review the instructions provided with Form 656-L Rev 1 and accurately fill out all required sections, including detailed financial information and reasons for requesting the offer in compromise.

What is the purpose of form 656-l rev 1?

The purpose of Form 656-L Rev 1 is to allow taxpayers to propose a compromise with the IRS to settle their tax debt for less than the full amount owed based on their financial situation.

What information must be reported on form 656-l rev 1?

Taxpayers must provide detailed financial information, including income, expenses, assets, and liabilities, along with the reasons for requesting the offer in compromise.