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656 Offer in Compromise 2024-2025 Form
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Video instructions and help with filling out and completing Form 656 L Guide Resolve 'Doubt As To Liability' Issues
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What is an appropriate Offer in Compromise with the IRS?
An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. An offer in compromise is an option when a taxpayer can't pay their full tax liability. It is also an option when paying the entire tax bill would cause the taxpayer a financial hardship.
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What percentage does the IRS usually settle for?
Lump sum: Submit an initial payment of 20% of the total offer amount with your application. If we accept your offer, you'll receive written confirmation.
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How much should I Offer in Compromise to the IRS?
Figuring out the optimal amount to offer the IRS is not easy. It takes a lot of experience to know where the sweet spot lies for any given case. In general though, you can start off with an estimate of 1 year worth of your disposable income and add to that any valuable assets you can sell for additional cash.
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How to resolve tax issues?
Taxpayer Advocate Service (TAS) - This free service helps you resolve tax problems. Get help with delayed or undelivered refunds, assistance if you are unable to pay your taxes, and more. Find a local taxpayer advocate in your area. Low-Income Taxpayer Clinics (LITCs) - LITCs represent people in disputes with the IRS.
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What is a doubt as to liability offer?
Doubt as to liability exists where there is a genuine dispute as to the existence or amount of the correct tax debt under the law. These offers are different from Doubt as to Collectibility since they are not based on the ability to pay the outstanding liability.
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What is the minimum payment the IRS will accept?
Minimum Payments on IRS Payment Plans Less than $10,000: No minimum payment, maximum three-year term. Since interest is charged, be sure to set the payment as high as you can afford. $10,000-$25,000: Minimum payment is balance of taxes owed divided by 72; six-year (72 month) term.
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What is form 656 L used for?
If you have a legitimate doubt that you owe part or all of the tax debt, you will need to complete a Form 656-L, Offer in Compromise (Doubt as to Liability).
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What is the formula for Offer in Compromise?
To calculate your Offer in Compromise with periodic payments, multiply your remaining monthly income of $400 by 24, which will make your remaining future income $9,600. Then, add this amount to your available equity in assets, which is $5,000, to get $14,800.
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