Get the free Offer in Compromise Booklet, Form 656-B (PDF) - IRS

2019 Income Tax Client Information Sheet First Name. I. Last Name Date of Biosocial Security NumberSpouse First Name. I. Last Name Date of Biosocial Security NumberStreet AddressCityStateZipPrimary

How to fill out offer in compromise booklet

How to fill out offer in compromise booklet

1. To fill out the offer in compromise booklet, follow these steps:
2. Read the instructions: Begin by carefully reading the instructions provided with the booklet. Understand the eligibility and requirements for submitting an offer in compromise.
3. Gather necessary documents: Collect all the important documents such as financial statements, tax returns, bank statements, and proof of income. Ensure you have all the required information.
4. Complete the necessary forms: Fill out the required forms accurately and completely. This usually includes Form 656, Form 433-A (OIC), or Form 433-B (OIC), depending on your individual or business situation.
5. Calculate your offer amount: Use the provided formula and guidelines to calculate your offer amount. This involves analyzing your income, expenses, assets, and liabilities to determine what you can reasonably offer to settle your tax debt.
6. Attach supporting documents: Include all the supporting documents required to substantiate your financial situation and offer amount. This may include pay stubs, bank statements, receipts, and other relevant records.
7. Review and double-check: Carefully review all the information provided in the booklet and cross-check it with your completed forms. Ensure that there are no errors or omissions.
8. Submit the completed offer: Once you are confident that all the necessary information has been provided accurately, package your offer in compromise booklet along with the required fee and mail it to the appropriate IRS address.
9. Follow up and respond to IRS requests: After submitting your offer, be prepared to respond to any additional requests or inquiries from the IRS. Cooperate with their requests to expedite the review process.
10. Await IRS decision: The IRS will review your offer and determine whether to accept, reject, or negotiate the terms. Be patient during this process, as it may take several months to receive a final decision.
11. Seek professional assistance if needed: If you are unsure about any step or need professional guidance, consider consulting a tax professional or seek assistance from an attorney specializing in tax matters.

Who needs offer in compromise booklet?

1. The offer in compromise booklet is typically needed by individuals or businesses who have a significant tax debt and are unable to pay it in full. It is designed for taxpayers who genuinely cannot meet their tax obligations without experiencing financial hardship.
2. Specific situations where someone may need the offer in compromise booklet include:
3. - Individuals with large tax debts and limited financial resources
4. - Self-employed individuals facing financial difficulties
5. - Businesses struggling to generate enough income to meet tax obligations
6. - Taxpayers facing unexpected financial hardships such as medical expenses or loss of income
7. - Those who believe they have a valid reason to challenge the amount of tax debt owed.

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What is offer in compromise booklet?

The offer in compromise booklet is a detailed guide provided by the IRS to help taxpayers understand the process of submitting an offer in compromise to settle their tax debt for less than the full amount owed.

Who is required to file offer in compromise booklet?

Taxpayers who are unable to pay their full tax liability and meet certain eligibility requirements may be required to file an offer in compromise using the information provided in the booklet.

How to fill out offer in compromise booklet?

Taxpayers can follow the step-by-step instructions provided in the offer in compromise booklet to accurately complete the necessary forms and submit all required documentation.

What is the purpose of offer in compromise booklet?

The purpose of the offer in compromise booklet is to assist taxpayers in applying for a compromise agreement with the IRS in order to settle their tax debt for an amount less than what is owed.

What information must be reported on offer in compromise booklet?

Taxpayers must report detailed financial information, including income, expenses, assets, and liabilities, in order to support their offer in compromise proposal.