Get Irs 656 2024-2025

The IRS 656 form, known as the Offer in Compromise, is a crucial document for individuals or businesses seeking to settle their tax liabilities for less than the full amount owed. This guide will provide detailed instructions on completing the form online, ensuring a smooth submission process.

Follow the steps to successfully complete the IRS 656 form online.

1. Press the ‘Get Form’ button to access the IRS 656 form and open it in your preferred editor.
2. Begin by filling in your personal information in Section 1 if you are an individual filer. This includes your name, Social Security Number, and contact details. If applicable, also include your spouse's information for joint offers.
3. Specify which tax liabilities you are addressing in Section 1 or Section 2. Make sure to list all relevant tax periods and types accurately.
4. If you qualify for Low-Income Certification, indicate this in the Low-Income Certification section and ensure no payments are included with your offer.
5. Complete Section 3 by selecting one of the checkboxes that describe your reason for the offer. Make sure to attach any necessary explanations as needed.
6. In Section 4, indicate your proposed payment terms for the offer, choosing either Lump Sum or Periodic Payment options, and detail your payment amounts.
7. Fill in Section 5 with any designation of payments. You should also list any electronic payment details if applicable.
8. In Section 6, explain the source of funds for your offer payment and verify that you meet necessary filing requirements.
9. Read and agree to the offer terms outlined in Section 7, confirming your understanding of terms related to payments, rights, and responsibilities.
10. Finally, provide your signature and date in Section 8, ensuring that all provided information is true and correct, then submit the completed form.
11. Save your changes, then download, print, or share the completed form as needed.

Complete your IRS 656 form online to move forward with your tax relief process.