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Settle Your Tax Debt with Form 656

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Alisson Ward

Tax Professional | Content Writer

Settle Your Tax Debt

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. 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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*Priority Tax Relief (PTR) is a private company that identifies qualified consumers who require tax assistance. PTR is not a debt relief company. Costs and results will vary. Services are not available in all states. Check for service limitations and qualifications. RESULTS ARE NOT GUARANTEED. Hiring a tax resolution company is an important decision and should not be based solely on advertisements. PTR is not an attorney referral service. There is no charge for a consultation. Call for complete details

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