Get Irs 656-b 2024-2025

Filling out the IRS 656-B form can be a straightforward process if you follow the steps outlined in this guide. This form is used to apply for an Offer in Compromise, allowing eligible taxpayers to settle their tax debts for less than the full amount owed.

Follow the steps to successfully complete your IRS 656-B form.

1. Click ‘Get Form’ button to obtain the form and open it in your preferred editor.
2. Carefully read through the introductory information provided with the form, which outlines what you need to know about the Offer in Compromise process.
3. Gather your financial information, including details about your income, expenses, assets, and liabilities. This information will be necessary for completing the required financial statements.
4. Fill out Form 433-A (OIC) if you are an individual or Form 433-B (OIC) if you are representing a business. Provide accurate and detailed information in each section of the forms.
5. Complete Section 1 of Form 656, providing your personal and tax debt information. Make sure all fields are filled out correctly.
6. Determine your offer amount based on the financial calculations you provided in Form 433-A or Form 433-B. Ensure that the amount meets the criteria outlined by the IRS.
7. Include your initial payment and the application fee of $205, unless you qualify for the Low-Income Certification.
8. Review your application package thoroughly to ensure all forms are completed and signed. Attach any necessary supporting documents.
9. Mail the completed application package to the appropriate IRS facility based on your state or location.
10. Once the application is submitted, continue to monitor the IRS correspondence for any requests for additional information or updates regarding your offer.

Take action today and complete your IRS 656-B form online to start the process of settling your tax debts.