Note A completed Form 433-A OIC and/or Form 433-B OIC must be included with the Form 656 application. Fill out Form 656. Mail the Form 656 433-A OIC and/or 433-B OIC and related financial document s to the appropriate IRS processing office for your state. The Low Income Certification guidelines are included on Form 656. If you are Section 4 on Form 656. For an individual tax debt s you will each need to send in a separate Form 656. You will complete one Form 656 for yourself listing all your...joint and separate tax debts and your spouse will complete one Form 656 listing all his or her joint and individual tax debts for a total of two Forms 656. Ex-spouse does not want to submit a Form 656 you on your own may submit a Form 656 to compromise your responsibility for the joint debt. Each Form 656 will require the 150 application fee and initial down payment unless your household meets the Low Income Certification guidelines See page 2 of Form 656 Offer in Compromise. Form 656 Booklet...Offer in Compromise CONTENTS What you need to know. 1 Paying for your offer. 2 How to apply. 3 Completing the application package. 3 Important information. 4 Removable Forms - Form 433-A OIC Collection Information Statement for Wage Earners and Self-Employed Form 433-B OIC Collection Information Statement for Business Form 656 Offer in Compromise. Form 656 Rev. 5-2012 The IRS understands that there are unplanned events or special circumstances such as serious illness where paying the full...amount or the minimum offer amount might impair your ability to provide for yourself and your family. If this is the case and you can provide documentation to prove your situation then your offer may be accepted despite your financial profile. If your offer is returned for any reason your installment agreement with IRS will be reinstated with no additional fee. PAYING FOR YOUR OFFER Offers require a 150 application fee. EXCEPTION If you are submitting an individual offer and meet the Low Income...Certification guidelines see page 2 of Form 656 Offer in Compromise you will not be required to send the application fee. 5 Application Checklist. 23 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. You can get forms and publications by calling 1-800-TAX-FORM 1-800-829-3676 or by visiting your local IRS office or our website at www*irs*gov* Taxpayer resources You may also seek assistance from a...professional tax assistant at a Low Income Taxpayer Clinic if you qualify. These clinics provide help to qualified taxpayers at little or no charge. IRS Publication 4134 Low Income Taxpayer Clinic List provides information on clinics in your area and is available through the IRS website at www*irs*gov by phone at 1-800-TAX-FORM 1-800-829-3676 or at your local IRS office. WHAT YOU NEED TO KNOW What is an offer An offer in compromise offer is an agreement between you the taxpayer and the IRS that...settles a tax debt for less than the full amount owed* The offer program provides eligible taxpayers with a path toward paying off their debt and getting a fresh start.
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Instructions and Help about IRS 656-B
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To edit IRS 656-B, use a PDF editor that supports this particular form. If you choose pdfFiller, you can easily modify the text fields, add or remove signatures, and save the changes directly to your device. Follow the online tool's instructions to ensure the edits are applied correctly.
How to fill out IRS 656-B
When filling out IRS 656-B, ensure you follow specific steps to maintain accuracy. First, gather all necessary financial documents. Then complete each section of the form, providing detailed information, and ensure you sign and date the form before submission.
01
Gather required documents such as previous tax returns.
02
Provide accurate personal information, including your Social Security Number.
03
Detail the tax debt you are addressing on the form.
04
Sign and date the document once completed.
About IRS 656-B 2012 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
Due date
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 2012 previous version
What is IRS 656-B?
IRS 656-B is an application form used by taxpayers to submit an Offer in Compromise (OIC) to the Internal Revenue Service. This form allows eligible individuals to settle their tax debts for less than the total amount owed under specific qualifying criteria.
What is the purpose of this form?
The primary purpose of IRS 656-B is to enable taxpayers with significant tax liabilities to make a request for a reduced payment plan. By submitting this form, taxpayers can propose a settlement that may result in a more manageable debt, thus providing relief from overwhelming financial burdens.
Who needs the form?
Taxpayers who owe a considerable amount of federal taxes and are unable to pay in full may need to utilize IRS 656-B. It is particularly relevant for individuals facing financial hardship, those dealing with unexpected life events, or others who wish to resolve their tax obligations through an OIC.
When am I exempt from filling out this form?
You are generally exempt from filling out IRS 656-B if your tax debt is less than $50,000 or if you do not meet the eligibility criteria set by the IRS for an OIC. Additionally, taxpayers who are in bankruptcy or those currently under certain compliance agreements will not need to submit this form.
Components of the form
IRS 656-B includes several key components that require detailed information. This includes sections for personal identification, details about your tax debt, and proposed payment terms. Each section must be completed accurately to ensure the acceptance of your Offer in Compromise.
Due date
Though there is no specific due date for submitting IRS 656-B, it is important to consider that the IRS processes offers on a first-come, first-served basis. Consequently, submitting your application promptly after gathering all necessary information is prudent.
What are the penalties for not issuing the form?
Failing to file IRS 656-B or submitting inaccurate information can result in penalties, including disqualification from an Offer in Compromise. Additionally, the IRS may continue to pursue collection actions against you, resulting in additional fees or garnishment of wages.
What information do you need when you file the form?
When filing IRS 656-B, you will need detailed financial information, including your income, expenses, asset values, and any other relevant financial documentation. This data is crucial for the IRS to evaluate your Offer in Compromise and determine your ability to pay.
Is the form accompanied by other forms?
IRS 656-B is usually accompanied by Form 433-A (OIC) or Form 433-B (OIC) depending on your particular circumstances. These forms provide a comprehensive picture of your financial situation and support your request for an Offer in Compromise.
Where do I send the form?
Once completed, IRS 656-B should be sent to the appropriate address specified in the instructions for the form. This address can vary based on your location and whether you are including a payment or opting for an installment.
FAQ about IRS 656-B
What should I do if I realize I've made a mistake after submitting form 656-b rev 3-2018?
If you discover an error after filing the form 656-b rev 3-2018, you can submit an amended version to correct the information. Ensure you clearly indicate that this is a correction to avoid confusion. Include any necessary documentation that supports the changes to help validate your amendment.
How can I verify if form 656-b rev 3-2018 has been received and processed?
To check the status of your form 656-b rev 3-2018, you can use the online tracking system provided by the agency or contact their customer service. It's advisable to have your submission details handy, including the submission date and any confirmation numbers you received at the time.
Are there any common errors people make when using form 656-b rev 3-2018, and how can I avoid them?
Common errors with form 656-b rev 3-2018 include incorrect personal information, failing to sign the form, or not providing supporting documents when required. To avoid these pitfalls, make a checklist of all required details and double-check them before submission.
What are the privacy and data security considerations when filing form 656-b rev 3-2018 electronically?
When filing e-form 656-b rev 3-2018, ensure you're using a secure network and legitimate software to protect your personal data. Review the agency's privacy policies regarding data retention and security to understand how your information will be handled.
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