Cary North Carolina online Form 656-B 2024-2025

Cary North Carolina online Form 656-B: What You Should Know

The IRS offer in compromise process can help you resolve this dilemma, and in return pay you a smaller amount of tax debt. This offer in compromise form contains guidelines and tools to deal with the debt. If you don't qualify for the offer in compromise program, you'll have to pay the entire amount owed by the deadline. This is referred to as a tax lien. It can affect your credit rating and ability to access your financial accounts. Who is Eligible to Use the IRS Tax Offer In Compromise? Form 656-B was designed for all federal tax taxpayers who are responsible for paying their federal taxes. Those who are not responsible for paying taxes can apply for an offer in compromise. A valid reason to be eligible to use the offer in compromise program is one that you have: -Not made a payment for 6 months or less in the last 12 months -Have paid more than 25% of your income toward your federal tax liability -Have a federal income tax liability of at least 11,050 for the 2025 tax year Form 656-B is approved for tax year 2016. You may be eligible by the following: -Did not make a payment for 6 months or less in the last 12 months -Have paid more than 25% of your income toward your federal tax liability -Have a federal income tax liability of at least 10,000 for the 2025 tax year -Have a federal or state tax liability of 22,000 for 2016 IRS Taxpayer Assistance Centers also have an online portal where you can view IRS tax debt information.

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