Abilene Texas Form 656-B 2024-2025

Abilene Texas Form 656-B: What You Should Know

This form will also allow you to explain any limitations or conditions on your offer in compromise. An Offer in Compromise is not an opportunity to request a tax refund, but rather an agreement between the individuals involved that is intended to reduce the amount of taxes the individual would owe. The offer in compromise is similar to an offer in compromise filed by individual tax cheats. The IRS will then use the information provided in the Offer in Compromise (OIC) to help settle the individual's tax debt without the need for a tax refund. Why are you filing a Form 656? You may have thought that a tax refund would be the answer to your tax debts, but this is not always the case. What most of us  are looking for in a settlement is an agreement by an individual that his/her IRS taxes will not be paid and will be forgiven.   This is not possible without a tax debt settlement. If you want a tax refund, you can do that, but not as a result of a tax debt settlement that is  not legally binding to begin with. Why file a Form 656? Form 656 provides an alternative to filing tax returns for many taxpayers, who want a way to have their taxes forgiven if they cannot pay all the tax debts they owe. Form 656 helps individuals to resolve tax debts they may not have the means to pay. With Form 656, the  individuals who have filed a Form 656 offer in compromise have been made whole as the IRS forgives the tax burdens. Form 656 offers have the authority of a signed court order. What is required to file? The IRS provides Form 656 to anyone wanting to settle their taxable years' tax debts. The IRS's Offer in Compromise (OIC) is a form by which individuals and estates can resolve their tax debts without a tax refund. This is a non- refundable offer, but there are exemptions and limitations on an OIC. What you have to do to file Form 656? The IRS may require you to meet one of four requirements to file a Form 656.

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