Form 656-B for Kansas City Missouri 2024-2025

Form 656-B for Kansas City Missouri: What You Should Know

If you make a valid offer to repay your tax debt, and the IRS accepts it, you should receive an IRS Notice of Acceptance, often with a letter of understanding, within 90 to 180 days. See the instructions on the Notice for details on how to access the Notice. Form 656 is a type of offer-in-compromise (IIC) request that applies to taxpayers under certain conditions. The form is used in cases where a taxpayer cannot reasonably pay the back taxes using the offer. This form is a common part of a repayment agreement and should be used when an offer cannot be made under normal bankruptcy or other collection procedures. This form is not approved in circumstances where the taxpayer is bankrupt or under a power of attorney and making such an offer would be contrary to the interests of creditors. If you are a nonresident alien, you may be able to use Form 941 (Pursuant to IRC Section 6511). See for more information. If you are not a U.S. citizen or resident alien, you may be able to use Form 4797 (Pursuant to IRC Chapter 2) in lieu of Form 656. See for more information. Note: If you are filing for discharge through bankruptcy or other court action, be aware that a person who holds a secured lien against property that will be used in your bankruptcy may be able to collect from you on that debt. The law provides that a secured creditor is entitled to recover, regardless of whether it may be discharged in bankruptcy, its full proportionate share of interest on the secured loan that is paid before the discharge of the bankruptcy estate.

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