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What Is 656 Form?
Form 656 is the form used for applying for tax compromise, to actually pay less than you owe. This form is meant for you to report your circumstances and the reasons you apply for an offer in compromise (OIC).
You can fill the Form 656 if you do not have sufficient assets to pay your tax debt, you consider you are not the person responsible for tax failure, or
What Do I Need Form 656 for?
- To apply for tax compromise
- To report your current financial situation
- ·To react to unpredicted circumstances that make your tax return impossible at the moment
How to Fill Out Form 656?
Originally, Form 656 is developed for tax professionals. It may be too complicated for unexperienced people to fill. Still, here are some hints so you can at least check whether it’s done right. If you have enough experience or time and background to make out how to fill out form 656, here are some hints.
- Fill the fields with your personal or family information correctly on Page 1.
- Check your recent tax periods to fill out this information correctly on Page 1 as well (if you are representing yourself)
- Check your business’s recent tax periods if you are representing your business to fill out the required information correctly on page 2
- On-Page 3, Check the reason why you apply for OIC.
- Analyze your financial wellbeing to estimate how much you can actually pay within the next months. Calculate how many months it will require. Fill in those sums on Page 4, regarding the time you need to pay (under or over 5 months).
We recommend you download Form 656 and print as many blank copies as necessary to examine and practice filling it. On PDFLiner, you can have your fillable Form 656 PDF file for free. This form can be filed online or via regular mail.
Organizations that work with Form 656
2020 Fillable Form 656 (2020) Fill Out Form
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Fillable online Form 656