Form 656-B (Rev. 4-2022). Form 656 Booklet Offer in Compromise-2025

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The Form 656 Booklet provides comprehensive guidance on the Offer in Compromise (OIC) program, which allows taxpayers to settle their tax debts for less than the full amount owed. It outlines eligibility requirements, application procedures, necessary forms (including Form 433-A and Form 433-B), payment options, and important information regarding taxpayer rights and responsibilities. The booklet emphasizes the importance of accurately assessing one's financial situation to determine an appropriate offer amount and includes resources for assistance, such as the IRS Pre-Qualifier tool and Taxpayer Advocate Service.

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Can I do my own offer in compromise?

An offer in compromise starts with you, the taxpayer, making an offer to the IRS using Form 656 but you cant just offer any amount you wish as a settlement for your debt.

What is a reasonable offer in compromise to the IRS?

An offer in compromise (with doubt as to collectability) to the IRS should be equal to, or greater than what the IRS calculates as the taxpayers reasonable collection potential.

What documents are needed for IRS offer in compromise?

Apply With the New Form 656 You must use the April 2022 version of Form 656-B, Offer in Compromise BookletPDF. Before you apply, you must make federal tax deposits for the current and past 2 quarters. An offer in compromise allows you to settle your tax debt for less than the full amount you owe.

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How much does the IRS usually settle for with a offer in compromise?

The 20 percent payment is generally nonrefundable, meaning it wont be returned to the taxpayer even if the offer is rejected or returned to the taxpayer without acceptance. Instead, the 20 percent payment will be applied to the taxpayers tax liability.

How much will the IRS usually settle for?

The IRS will typically only settle for what it deems you can feasibly pay. To determine this, it will take into account your assets (home, car, etc.), your income, your monthly expenses (rent, utilities, child care, etc.), your savings, and more. The average settlement on an OIC is around $5,240.

What are the chances of getting an offer in compromise with the IRS?

But statistically, the odds of getting an IRS offer in compromise are pretty low. In fact, the IRS accepted only 15,154 offers out of 49,285 in 2021.Find a tax relief company thats best for you Free initial consultation. $295 investigation fees. Average resolution fees run from $3,000 to $5,500.

How do I write an offer in compromise letter to the IRS?

You must provide a written statement explaining why the tax debt or portion of the tax debt is incorrect. In addition, you must provide supporting documentation or evidence that will help the IRS identify the reason(s) you doubt the accuracy of the tax debt.

How long does the IRS have to accept an offer in compromise?

The offer in compromise process can be lengthy. Keep close track of the dates if the IRS doesnt reject, return, or you withdraw your offer within two years of the date the IRS receives it, then the offer is deemed accepted. Submitting an offer doesnt guarantee the IRS will accept your offer.

Form 656-B (Rev. 4-2022). Form 656 Booklet Offer in Compromise-2025

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