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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How to fill out IRS 656-B
Instructions and Help about IRS 656-B
How to edit IRS 656-B
To edit the IRS 656-B tax form, begin by downloading the form from the IRS website or utilizing a reliable platform like pdfFiller that allows form editing. After opening the form, carefully update any sections that require modifications, ensuring accuracy. Once edits are complete, review the document before finalizing it for submission.
How to fill out IRS 656-B
To fill out the IRS 656-B form accurately, start by gathering necessary financial documentation. Follow these steps:
01
Complete your basic information, including your name, address, and Social Security number.
02
Provide accurate details regarding your offer, including the amount you are proposing and any payments made.
03
Sign and date the form after reviewing all information for errors.
Consider consulting IRS guidelines or a tax professional to avoid common pitfalls during the filling process.
About IRS 656-B 2019 previous version
What is IRS 656-B?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 656-B 2019 previous version
What is IRS 656-B?
IRS 656-B is a form used by taxpayers to propose an offer in compromise (OIC) to the IRS. This form allows individuals to settle their tax liabilities for less than the full amount owed, providing a potential lifeline for those facing financial hardship.
What is the purpose of this form?
The primary purpose of IRS 656-B is to facilitate taxpayers in negotiating a settlement with the IRS through an offer in compromise. This form serves as the official means for submitting the offer and related information to the IRS, helping taxpayers navigate their financial obligations effectively.
Who needs the form?
Taxpayers who owe taxes that they are unable to pay may need to submit IRS 656-B. This includes individuals facing significant financial difficulties, such as unemployment or medical expenses, which hinder their ability to meet tax obligations.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 656-B if your tax debt is less than a specific threshold set by the IRS or if you have already entered into an installment agreement. Additionally, if your financial situation demonstrates the ability to pay your tax debt in full, completing this form would not be necessary.
Components of the form
IRS 656-B consists of several key components, including instructions, basic identification details, the offer amount, and supporting documentation requests. Each section is designed to collect essential information necessary for the IRS to evaluate the offer submitted by the taxpayer.
What are the penalties for not issuing the form?
Failure to issue IRS 656-B when applicable can lead to ongoing collection actions by the IRS, which may include wage garnishments, bank levies, or liens against your property. Additionally, the taxpayer may miss the opportunity for a potential compromise on their tax debt.
What information do you need when you file the form?
When filing IRS 656-B, you will need information such as your financial status, income details, debts, and assets. Accurate representation of your current financial situation is crucial for the IRS to assess your offer fairly.
Is the form accompanied by other forms?
IRS 656-B is often submitted alongside additional supporting forms, such as Form 433-A (OIC) or Form 433-B (OIC), depending on your status as an individual or business entity. These forms help provide a complete financial picture to the IRS.
Where do I send the form?
Upon completing the IRS 656-B form and any accompanying documentation, send it to the address specified in the instructions on the form. Typically, this would be the IRS office designated for processing offer in compromise submissions.
FAQ about IRS 656-B
What should I do if I realize I've made a mistake on my form 656 irs after submitting it?
If you notice an error on your form 656 irs after submission, you should file an amended return. Inform the IRS of the mistake by submitting a corrected version of the form. This will help ensure that the IRS has accurate information on your file and can process your request correctly.
How can I verify if my form 656 irs has been received and is being processed?
To check the status of your form 656 irs, you can call the IRS toll-free number or visit their website. Provide the necessary details regarding your submission, such as your taxpayer identification number and the date you filed to expedite the process.
Are there any common errors that I should avoid when submitting form 656 irs?
Yes, one common error is failing to sign the form before submission. Ensure you review all entries for accuracy, including ensuring you provide all required information. Keeping copies of your documents can also help mitigate issues that may arise post-filing.
What if I receive a notice from the IRS after submitting form 656 irs?
If you receive a notice or letter from the IRS regarding your form 656 irs, carefully review the communication for specific instructions. In most cases, you may need to respond, provide additional documentation, or clarify certain information to resolve any pending issues.
What are the technical requirements for e-filing form 656 irs?
When e-filing form 656 irs, ensure that you are using compatible software or an IRS-approved e-filing program. Additionally, it’s advisable to use a secure internet connection and current web browsers to maintain data privacy and security during the submission process.
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