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Settle Your Tax Debt with Form 656

An Insider's Guide to Offer in Compromise

Dealing with overwhelming tax debt can be a stressful experience. However, there is hope for those who find it challenging to pay their full tax liability. The IRS offers a program called Offer in Compromise (OIC) that allows eligible individuals to settle their tax debt for less than the total amount owed. In this informative blog post, we will delve into the details of Form 656, the application for Offer in Compromise, and how Priority Tax Relief can assist you in navigating this process.

Understanding Form 656 and Offer in Compromise

When you apply for an Offer in Compromise, Form 656 becomes a crucial document. You must submit this official application to initiate the process of negotiating a settlement with the IRS. By submitting Form 656, you actively request the IRS to accept a compromise on your tax debt, considering your financial circumstances. The IRS carefully evaluates this offer, taking into account factors such as your ability to pay, income, expenses, and asset equity.

Eligibility for Offer in Compromise

To qualify for an Offer in Compromise, you must meet specific requirements. Firstly, you must actively file all necessary tax returns and fulfill all required estimated payments. Additionally, you should not be engaged in an open bankruptcy proceeding. If you are applying for the current year, you must possess a valid extension for the return. For employers, it is essential to have made tax deposits for the current and past 2 quarters before submitting the application.

Avail Our Expert Assistance

Navigating the complexities of Form 656 and the Offer in Compromise process can be overwhelming. That’s where Priority Tax Relief comes in. Our team of experienced tax professionals specializes in assisting individuals with IRS notices and letters, including Form 656. We understand the intricacies of the Offer in Compromise program and can provide personalized guidance tailored to your unique financial situation.

Take Action and Secure Your Financial Freedom

If you are burdened with tax debt and believe that an Offer in Compromise may be the right solution for you, don’t wait any longer. Contact Priority Tax Relief today at 888-708-2872 or visit our website at www.prioritytaxrelief.com to learn more about our services and schedule a consultation. Our team is here to help you understand your options, guide you through the Offer in Compromise process, and pave the way for a brighter financial future.

Form 656 and the Offer in Compromise program provide individuals with a valuable opportunity to settle their tax debt and achieve financial freedom. By understanding the eligibility requirements, submitting a well-prepared application, and seeking professional assistance, you can increase your chances of success. Priority Tax Relief is ready to be your trusted partner in this journey, offering expert guidance and personalized solutions to help you navigate the complexities of Form 656 and secure a fresh start. Take the first step today and regain control of your financial well-being.

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FAQs

 The simple answer is no. A business and a person are completely separate, thus, any personal tax debts or liabilities should not affect your business.

Tax debt can be an exhausting and complicated thing to deal with on your own. Communicating with the IRS and professionally handling your tax liabilities are just two of the services companies like Priority Tax Relief can offer.

No. The IRS’s Innocent Spouse Relief protects you from paying these additional taxes. However, this does not relieve you from household employment taxes, business taxes, individual joint responsibility payments etc. Priority Tax Relief helps you learn more about innocent spouse relief.

The most popular option to date would be an Offer In Compromise (OIC). At Priority Tax Relief, we help tax relief help become more accessible to taxpayers in need and help them understand how they can qualify for these options.

IRS tax liens are legal claims on your property when you do not settle your tax debts. The IRS usually sends out a notice when no payment has been made after a liability assessment. Find out more about tax liens with Priority Tax Relief.

Yes. Not only can the IRS put a claim on all your current property, tax liens can also affect any property or intangible or tangible assets that you obtain in the future. At Priority Tax Relief, we help you understand federal tax liens and how to communicate with the IRS.

 

Tax levies are the actual seizure of your property and are different from legal claims or tax liens. Settle your taxes before the IRS sends out a notice. Priority Tax Relief helps you understand tax levies and how you can avoid them.

Yes. Not only can they seize physical property but they can also legally take hold of the money in your bank account and other wages. To avoid this from happening, contact Priority Tax Relief now.

Your debt will, unfortunately, continue to grow and you will possibly lose a great number of your assets. It is definitely a scenario we do not wish to see happen to anyone, that’s why Priority Tax Relief makes sure that our help becomes within reach.

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