WARNING The attached Form 656 is not a stand-alone form and is intended for tax professional use only. Make checks payable to the United States Treasury and attach to the front of your Form 656 Offer in Compromise. I accept the waiver of the statutory period of limitations on assessment for the Internal Revenue Service as described in Section 7 p. Signature of Authorized Internal Revenue Service Official Title Date mm/dd/yyyy Privacy Act Statement We ask for the information on this form to carry...out the internal revenue laws of the United States. Individuals requesting consideration of an offer must use Form 656 B Offer in Compromise which may be found under the Forms and Pubs tab on www.irs.gov. Completed financial statements and required application fee and initial payment must be included with your Form 656. This information will be used to administer and enforce the internal revenue laws of the United States and may be used to regulate practice before the Internal Revenue Service...for those persons subject to Treasury Department Circular No. 230 Regulations Governing the Practice of Attorneys Certified Public Accountants Enrolled Agents Enrolled Actuaries and Appraisers before the Internal Revenue Service. Failure to include the required information will delay consideration of your offer. Form Department of the Treasury Internal Revenue Service Offer in Compromise April 2023 To Commissioner of Internal Revenue Service IRS Received Date In the following agreement the...pronoun we may be assumed in place of I when there are joint liabilities and both parties are signing this agreement. To enforce the regulation as a contract term I agree that I cannot file an amended return for the tax years listed on Form 656 after the offer is accepted. Further I agree that I will not file an amended return for the tax years listed on Form 656 after I have submitted my offer and while my offer remains pending see section 7 j below with the Service. I submit this offer to...compromise the tax liabilities plus any interest penalties additions to tax and additional amounts required by law for the tax type and period s marked in Section 1 or Section 2 below. Did you use the Pre-Qualifier tool prior to filling out this form Locate the tool on our website at IRS*gov/OICtool or by scanning the QR code on your smart device Yes No Note The use of the Pre-Qualifier tool is not mandatory before sending in your offer. Section 1 Individual Information Form 1040 filers If you...are a 1040 filer an individual with personal liability for Excise tax individual responsible for Trust Fund Recovery Penalty self-employed individual or individual personally responsible for partnership liabilities you should fill out Section 1. Make sure to sign and date the Warning The IRS will not compromise any amounts of restitution assessed by the IRS* Any liability arising from restitution is excluded from this offer. Also the IRS will not compromise any liability for which an election...under IRC 965 i is made such liabilities are excluded from this offer.
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Instructions and Help about 656 pdf
How to edit 656 pdf
How to fill out 656 pdf
Instructions and Help about 656 pdf
How to edit 656 pdf
To edit the 656 pdf form, open the document using a compatible PDF editor such as pdfFiller. Utilize the text editing tools to modify any existing fields or add new information. Ensure all changes align with IRS guidelines for accuracy. After editing, save the document to keep the changes.
How to fill out 656 pdf
To fill out the 656 pdf form, gather all necessary personal and financial information. Start by entering your details in the designated fields accurately. Follow the instructions provided in the form to complete each section, ensuring that you review your inputs for clarity and correctness. After completion, be sure to sign and date the form where required before submission.
Latest updates to 656 pdf
Latest updates to 656 pdf
The 656 pdf form may have updates that reflect changes in IRS regulations or requirements. Regularly check the IRS website or reliable tax information sources to stay informed about any modifications. This ensures that you are using the latest version of the form, which is essential for compliance.
All You Need to Know About 656 pdf
What is 656 pdf?
Form 656 is an IRS form used for initiating an Offer in Compromise, allowing taxpayers to settle tax debts for less than the total amount owed. This form helps individuals negotiate a settlement with the IRS when they cannot pay their taxes in full.
Who needs the form?
The 656 pdf form is required for individuals or business entities currently facing financial difficulties and are unable to pay their tax liabilities in full. Taxpayers who wish to negotiate a lower payment with the IRS must complete this form as part of the Offer in Compromise process.
Components of the form
The 656 pdf form consists of various sections that collect detailed information, including personal identification, financial details, and the proposed Offer in Compromise amount. Key components include the taxpayer's name, address, income information, and expenses. Providing accurate and complete information in these sections is vital for successfully processing the offer.
What information do you need when you file the form?
When filing the 656 pdf form, gather comprehensive financial details, including income, expenses, assets, and debts. Each section of the form will reference specific amounts required, so accurate documentation is necessary for each line item. Additionally, include a signed declaration and any supporting documents that validate your financial situation.
Where do I send the form?
Once completed, the 656 pdf form must be sent to the appropriate IRS address. This will depend on whether a payment is included or not. Refer to the IRS instructions for Form 656 to find the correct mailing address that corresponds to your situation, ensuring your submission is directed appropriately for expedited processing.
What is the purpose of this form?
The primary purpose of the 656 pdf form is to establish a taxpayer's request for an Offer in Compromise. It provides the IRS with essential financial information so that they can evaluate the taxpayer's ability to pay and determine if settling for a lesser amount is appropriate. This form aims to provide taxpayers with relief when they face significant financial hardships.
When am I exempt from filling out this form?
Individuals may be exempt from filling out the 656 pdf form if they do not owe any federal taxes, are not facing financial hardship, or if they are eligible for other tax relief programs that do not require this form. It is crucial to evaluate your specific circumstances to determine if filing is necessary.
What are the penalties for not issuing the form?
Failing to issue or misrepresenting information on the 656 pdf form can lead to severe penalties, including denial of the Offer in Compromise. The IRS may also impose additional fees or pursue collection actions for the unpaid tax debt. It is essential to ensure all submitted details are accurate and truthful to avoid potential legal consequences.
Is the form accompanied by other forms?
Form 656 is often filed alongside Form 433-A (OIC) or Form 433-B (OIC), which collect detailed financial information to accompany the Offer in Compromise request. These supporting forms provide the IRS with a complete picture of the taxpayer's financial status, which is essential for adjudicating the offer.
FAQ about IRS 656
What should I do if I need to correct an error on my submitted 656 pdf?
If you discover an error after submitting your 656 pdf, you can file an amended return. It's essential to clearly mark the form as 'Amended' and include any necessary documentation that supports the correction. Keep a copy of the amended form for your records.
How can I verify the status of my submitted 656 pdf?
To track the status of your submitted 656 pdf, you can check online through the relevant government portal or contact customer service. Ensure to have your submission details handy, as common e-file rejection codes can also be found in their help sections.
Are there any common errors that filers make with the 656 pdf?
Common errors include incorrect taxpayer identification numbers, missing signatures, or incomplete information. To avoid these mistakes, double-check all entries before submission and refer to the filing instructions for guidance.
What happens if I receive a notice after filing the 656 pdf?
If you receive a notice or letter regarding your 656 pdf, carefully read the communication for instructions. Gather and prepare any requested documentation and respond promptly to avoid further issues or delays.
Is e-filing the 656 pdf secure, and what are the requirements?
Yes, e-filing the 656 pdf is designed to be secure. Ensure you are using compatible software and browsers as specified by the forms' guidelines. Additionally, maintain a stable internet connection and keep your personal data protected during the process.
Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
