Boston Massachusetts Form 656-B 2024-2025

Boston Massachusetts Form 656-B: What You Should Know

If you are eligible for the OIC, you will not receive any payments from the IRS. Here is a breakdown of the requirements for the OIC: 1. Business must be domiciled of the United States 2. Business shall be engaged in a trade or business in the United States and have a place of business in the United States (this generally means in the county which is specified as your business address) 3. Business premises are located in the United States (or, you may operate out of a post office box in the United States) 4. All records and property in the custody of your owner, or in any place which you, or they control, and all accounts, books, and accounts of the business shall be maintained at the United States address (this does not generally exclude a foreign address) 5. You must have a tax registration number (also called a tax identification number) available for the IRS 6. You must maintain accurate books, records, and accounts, which must include records and accounts which you establish and maintain on a continuing basis. (The date of any change must be provided) 7. You must pay the applicable tax in full or on time every 2 months or at a designated time. Here is a breakdown of the OIC eligibility factors: 5. You should pay the tax in full. You may not receive any payments (except the OIC) which reduce the liability you may have to the IRS (in this case, the OIC does not include an income tax exemption). If you have questions about where you may qualify, and how you may qualify, we recommend speaking to a competent tax professional at no charge Do not wait. Use the form as soon as possible. Note from the IRS Form 656 Booklet Offer in Compromise, or Form 656 on a Foreign Address, offers an agreement with the IRS to resolve disputes associated with the collection of income tax liabilities. You should be aware that the agreement does not reduce the amount of tax that you may owe the IRS and may be terminated as needed. If you are not qualified for the OIC, you may be subject to additional penalties, interest, and other consequences of noncompliance in accordance with the provisions of U.S. Tax law. For more information about the IRS offer in compromise, see U.S. Treasury Department's publication, “Form 5329.

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