Offer in Compromise (Apply With the New Form 656)

Here you can find details about offer in compromise (Apply With the New Form 656). An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability or doing so creates a financial hardship.

Offer in Compromise (Apply With the New Form 656) is a program offered by the Internal Revenue Service (IRS) in the United States. It allows eligible taxpayers to settle their tax debt for less than the full amount owed. The OIC program is designed for individuals and businesses facing financial hardship, where paying the full tax liability would cause undue economic hardship.

Form 656 is the official document used to apply for an Offer in Compromise. It includes information about the taxpayer’s financial situation and proposes an offer amount for settling the tax debt. The taxpayer must provide detailed financial information to demonstrate their inability to pay the full amount.