Irs 656 Form 2023-2024

Irs 656 Form: What You Should Know

Note: If you use Form 656‐B to obtain OIC, the Offer will be made in consideration of your agreement. Note: If the IRS rejects your offer, you need to request a offer of equal value. The Offer in Compromise. □ The Form 656 offers your voluntary transfer of all tax withheld from your paychecks. If you're not able to make an offer due to a lack of income, you should complete the tax year and submit a completed Form 656-B, Offer in Compromise. If you qualify for an Offer, it means you won't face tax liability for the remainder of the year. This is an offer to pay all taxes owed on that tax year. Your tax filing  time for this year will be the first day of March of the following year. You must use your Form 656-B to file in 2015. □ Form 656-B also provides for an initial payment of 100 to be made to the IRS to ensure the payment will be made if you are the one being offered an OIC. This is a form of protection from having to pay back tax. You must make the initial payment before you agree to make the OIC offer. If you want to make the OIC offer, you must pay the initial payment and have it received by the IRS.  □ A Form 656-B Application must be submitted in order for you to make an offer in respect of tax withheld from your pay. This application can be filed either at the IRS or through your bank, on a separate sheet of paper, and be signed by you or your tax preparer. The application will inform  you if, and when, you are making the offer. You can then file Form 656–B with your tax preparer if you're accepting the offer. □ You may only make each offer  for more than 15 weeks, during which time you may not  make an offer in respect of any tax withheld. If your offer period is over, and you don't make an  offer, the IRS will cancel you as a participant. □ You must fill it out completely by the due date to be sure the contents are accurate.  Please refer to the Offer in Compromise booklet. There is also a  Form 656-B Booklet Offer In Compromise — IRS.

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