Get Form 656 (sp) (Rev. 4-2023). Offer In Compromise (Spanish Version)

While the IRS may review your credit history as part of their evaluation of your OIC, your credit score will not be impacted by your compromise application. In fact, it's unlikely that credit services would have any idea that you've submitted anything at all, so you should be safe.

The cons include: You may not qualify. Not everyone qualifies for OIC. This method is typically best for people who have very few assets and who are low income earners. With this method, you are able to reduce what you owe.

Use Form 656 when applying for an Offer in Compromise (OIC), which is an agreement between you and the IRS that settles your tax liabilities for less than the full amount that you owe.

While the IRS may review your credit history as part of their evaluation of your OIC, your credit score will not be impacted by your compromise application. In fact, it's unlikely that credit services would have any idea that you've submitted anything at all, so you should be safe.

An offer in compromise allows you to settle your tax debt for less than the full amount you owe.

EL IRS en Español provides Spanish-speaking individuals access to forms and publications, information and tools, including the EITC Assistant, online payment agreements, Where's my Refund? and Spanish Free File.

To qualify for an OIC, the taxpayer must have filed all tax returns, have received a bill for at least one tax debt included on the offer, made all required estimated tax payments for the current year, and if the taxpayer is a business owner with employees, the taxpayer must have made all required federal tax deposits ...

Fill out Form 656. The Form 656 identifies the tax years and type of tax you would like to compromise. It also identifies your offer amount and the payment terms. Your offer amount must be equal to or greater than the amount calculated in Form 433-A(OIC) or 433-B(OIC).