Get Irs 656-b 2022

Filling out the IRS 656-B form, which pertains to Offer in Compromise, is a crucial step for individuals seeking to settle their tax liabilities for less than the full amount owed. This guide provides clear, step-by-step instructions on how to accurately complete the form online, ensuring you have the necessary information and support throughout the process.

Follow the steps to complete the IRS 656-B form online.

1. Press the ‘Get Form’ button to access the IRS 656-B form, ensuring you have the latest version to begin filling it out.
2. Gather all necessary financial information, including your overall assets, income, expenses, and future earning potential, as these will help in correctly calculating your offer.
3. Complete Section 1 of Form 656-B, which requires personal information and details about your tax liabilities.
4. In Section 2, choose the option for either individual or business tax debts, providing the required details for each relevant tax period.
5. Fill out Section 3, where you will declare the reason for your offer and provide any relevant supporting documentation that reflects your financial situation.
6. Indicate your proposed payment terms in Section 4, selecting either a lump sum cash payment or periodic payments.
7. Review the entirety of the form for accuracy. Ensure that all fields are completed and all required signatures are provided.
8. Save your changes after completing the form, file it accordingly online, and keep a copy for your records before submitting it to the IRS.

Complete your IRS 656-B form online to begin your Offer in Compromise process and take a significant step toward resolving your tax liabilities.