Get Irs 656 (sp) 2022-2025

The IRS 656 (SP) form is essential for individuals and businesses seeking to settle their tax liabilities through an Offer in Compromise. This guide will help users navigate the process of completing this form online, ensuring all necessary information is accurately provided.

Follow the steps to fill out the IRS 656 (SP) form effectively.

1. Press the ‘Get Form’ button to retrieve the IRS 656 (SP) form and open it in the online editor.
2. Provide your name, initials, and last name in the designated fields. Include your Social Security Number (SSN). If submitting jointly, enter your spouse's details as well.
3. Fill out your physical home address, mailing address (if different), and indicate if this is a new address. Select ‘Yes’ or ‘No’ and specify if you want your records updated.
4. Select the tax periods for which you are submitting an offer, indicating the specific obligations you wish to compromise.
5. Complete the certifications related to Low Income Certification, if applicable. Indicate if you qualify and do not include any payments with your submission if you do.
6. Use the business information section if applicable. Fill in the business name, address, Employer Identification Number (EIN), and other required fields.
7. State the reason for your offer in the appropriate section, explaining your circumstances clearly.
8. Indicate your proposed payment terms, choosing either a lump sum or periodic payments, and specify amounts and timelines.
9. Designate how you want your payments applied if you have specific requests. Otherwise, payments will be applied to the benefit of the IRS.
10. Review your entries carefully for accuracy before signing. The form must be signed and dated by all parties involved.
11. Final steps include saving your changes, downloading a copy for your records, and submitting the completed form as required.

Submit your IRS 656 (SP) form online today for efficient processing of your offer.