Last Updated on 05/14/2024 by Christian Collins
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.