Form 656 2025

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2024 4.3 Satisfied (48 Votes)
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2021 4.9 Satisfied (52 Votes)
2020 4.4 Satisfied (190 Votes)
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Youre eligible to apply for an offer in compromise if you: Filed all required tax returns and made all required estimated payments. Arent in an open bankruptcy proceeding. Have a valid extension for a current year return (if applying for the current year).
People who qualify for the program Having IRS debt of fifty thousand dollars or less, or the ability to repay most of the amount. Being able to repay the debt over a span of 5 years or less. Not having fallen behind on IRS tax payments before. Being ready to pay as per the direct payment structure.
There are very stringent requirements for applying for an OIC. For starters, you have to have exhausted all other means of repaying the debt and you cannot have filed bankruptcy.
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.
Offer in Compromise Acceptance Rate: How to Improve Your Chances with the IRS. People often complain that they should not file an Offer in Compromise for a client because the acceptance rate is only 36%. This percentage rate has been consistent for years (+/- 5%).
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People also ask

Each Form 656 will require the $205 application fee and initial payment unless you are an individual and meet the Low-Income Certification guidelines.
The taxpayer presents exceptional circumstances, such as the collection of the tax would create an economic hardship, or compelling public policy or equity considerations that provide sufficient basis for compromise.
The resulting amount is your monthly disposable income. Take that number and multiply by 12 (which is equal to one year worth of disposable income). This is the bare minimum you can offer to the IRS. They will almost never accept less than this amount.

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