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 Form 656 Irs 2018

Irs 656 2018-2025 Form

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What is the Form 656 IRS

The Form 656, also known as the Offer in Compromise, is a tax form used by taxpayers in the United States to settle their tax debts with the Internal Revenue Service (IRS) for less than the full amount owed. This form allows individuals or businesses to propose a reduced payment based on their financial situation. By submitting this form, taxpayers can potentially resolve their tax liabilities and avoid more severe collection actions from the IRS.

How to use the Form 656 IRS

Using the Form 656 involves several steps to ensure that your offer is considered valid by the IRS. First, gather all necessary financial information, including income, expenses, and assets. Next, complete the form accurately, providing detailed information about your financial situation. It is crucial to include any required documentation that supports your offer. Once completed, submit the form along with the appropriate payment, if applicable, to the IRS address specified in the form instructions.

Steps to complete the Form 656 IRS

Completing the Form 656 involves a systematic approach:

  • Gather Financial Information: Collect documents that outline your income, expenses, and assets.
  • Fill Out the Form: Provide accurate details in each section, ensuring clarity and completeness.
  • Attach Supporting Documents: Include any required documentation that backs up your financial claims.
  • Review for Accuracy: Double-check all entries to avoid mistakes that could delay processing.
  • Submit the Form: Send the completed form to the IRS along with any required payments.

Eligibility Criteria

To qualify for an Offer in Compromise using Form 656, taxpayers must meet specific eligibility criteria set by the IRS. Generally, individuals must demonstrate an inability to pay their tax debt in full due to financial hardship. The IRS evaluates factors such as income, expenses, asset equity, and overall financial situation. Additionally, taxpayers must be current with all tax filings and payments to be considered for an offer.

Required Documents

When submitting Form 656, it is essential to include various supporting documents to substantiate your offer. These may include:

  • Proof of Income: Pay stubs, tax returns, or other income statements.
  • Expense Documentation: Bills, lease agreements, and other proof of monthly expenses.
  • Asset Information: Statements for bank accounts, retirement accounts, and property valuations.

Form Submission Methods

Taxpayers can submit Form 656 through various methods. The primary options include:

  • Online Submission: If eligible, taxpayers may use the IRS online services to submit the form electronically.
  • Mail: Print the completed form and send it to the designated IRS address provided in the instructions.
  • In-Person: Some taxpayers may choose to deliver the form directly to their local IRS office.

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FAQs irs form 656 offer in compromise

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