Get the free Completing Form 656 - Offer In Compromise Application - Tax

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WARNING!!! The attached Form 656 is not a standalone form and is intended for tax professional use only. Individuals requesting consideration of an offer must use Form 656B, Offer in Compromise, which

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How to fill out completing form 656

01

To fill out completing form 656, follow these steps:

02

Begin by reading the instructions provided with the form.

03

Provide your personal information in the designated sections, such as your name, address, and social security number.

04

Fill out the tax forms sections, including the type of taxes owed and the tax periods involved.

05

Determine the total amount of taxes owed and enter this information in the appropriate section.

06

Fill out the section concerning any previous payments or credits applied to the debt.

07

If you need to propose an alternative payment plan or offer in compromise, provide the necessary details in the designated section.

08

Indicate whether you are requesting an installment agreement or currently not collectible status.

09

Provide any additional explanations or documentation required by the form.

10

Review the completed form to ensure accuracy and completeness before submitting it.

11

Sign and date the form.

12

Keep a copy of the completed form for your records.

13

Please note that this is a general guide, and you should refer to the specific instructions provided with form 656 for any additional details or requirements.

Who needs completing form 656?

01

Completing form 656 is typically needed by individuals or businesses who owe taxes to the Internal Revenue Service (IRS) and are seeking to resolve their tax debts.

02

It may be required by taxpayers who wish to propose an alternative payment plan, offer in compromise, or request installment agreements to settle their tax liabilities.

03

Individuals and businesses facing significant tax debts and are unable to pay the full amount owed may benefit from completing form 656 to explore options for resolving their tax obligations.

04

Consulting with a tax professional or seeking guidance from the IRS is recommended to determine if completing form 656 is necessary in your specific tax situation.

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What is completing form 656?

Form 656 is the Offer in Compromise application form used by taxpayers to settle their tax liabilities with the IRS for less than the full amount owed.

Who is required to file completing form 656?

Taxpayers who are unable to pay their full tax liability and meet certain eligibility requirements may file Form 656 to request an Offer in Compromise.

How to fill out completing form 656?

Taxpayers can fill out Form 656 by providing detailed financial information, supporting documentation, and proposing an offer amount to settle their tax debt.

What is the purpose of completing form 656?

The purpose of Form 656 is to allow taxpayers to negotiate a compromise with the IRS to settle their tax debt for less than the full amount owed.

What information must be reported on completing form 656?

Taxpayers must report detailed financial information, including income, expenses, assets, and liabilities, on Form 656.

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