Get Irs 656 2022

Filling out the IRS 656 form is a crucial step for individuals or businesses looking to make an offer in compromise to settle tax debts. This guide provides a clear, step-by-step approach to assist you in completing the form correctly and efficiently.

Follow the steps to accurately fill out the IRS 656 online.

1. Click ‘Get Form’ button to obtain the IRS 656 form and open it in your preferred editor.
2. Begin with Section 1 for individual applicants or Section 2 for business applicants. Provide personal identification details including name, Social Security Number, and address as required.
3. Carefully indicate your tax periods and liabilities to be compromised. Ensure you fill out either Section 1 or Section 2 but not both.
4. Complete the Low-Income Certification section if applicable, to determine if you are exempt from the application fee and initial payment.
5. In Section 3, state the reason for your offer, whether it be due to doubt as to collectibility or effective tax administration.
6. Move on to Section 4 and clarify your proposed payment terms, selecting either lump sum cash or periodic payment plans.
7. Designate how payments will be allocated in Section 5 if you want any specific tax year or type to be prioritized.
8. Complete Sections 6, 7, and 8, providing necessary details about funds, filing requirements, understanding your obligations, and signing the document.
9. Review all entries for accuracy. Once satisfied, save changes to your form, and then download, print, or share as necessary.

Complete your IRS 656 filing online today for a smoother tax compromise experience!