Form 656-B Memphis Tennessee 2024-2025

Form 656-B Memphis Tennessee: What You Should Know

Fill out your Memphis form exactly as stated in the Form 656 instructions. Do not edit any information in the PDF. Do not sign it at the end because it will just make an error. Do not send it from a self-addressed envelope to your Memphis IRS Office. Mail your forms to the Memphis IRS Center at the address below. Memphis IRS Center 1901 Martin Luther King Jr. Boulevard Memphis, TENNESSEE 38126 Or mail Forms 656 to: Memphis IRS Center 1901 Martin Luther King Jr. BRIDGEPORT, VIRGINIA 200 BOURNE AVENUE Bridgeport, Virginia 22041 Failing to provide all required information for an offer in compromise can result in: • Disqualification for the entire Tax Year. • Taxpayer Filing Suspension (i.e., an IRS Notice of Proposed Assessment). • Legal Action From IRS (including a claim of tax abatement for the tax year). • The loss of the entire tax year's return, and • Potential Jail Time If convicted. • Tax Liability for the entire Tax Year. If the IRS assesses the amount you owe, you will receive a Notice of Tax Lien for the Tax Year (which is also known as a TOLL). This notice is mailed to you at least 30 days before the date when the tax year's payment was due or 30 days after the IRS receives your completed IRS Form 4506 or any subsequent extension of time for payment. What's This Lien Thing? The IRS issues a tax obligation, known as a tax lien, to satisfy money due from the taxpayer that was owed from a prior year or that was withheld. The IRS might then take legal action (in the form of an order from a U.S. Tax Court) to collect this tax obligation, including, but not limited to: · Tax Advancing — The IRS may issue a summons and a collection order to get the money owed. Tax Advancing typically occurs for the first time when a taxpayer can show serious deficiencies in filing and paying tax payments. · Tax Foreclosure — The IRS may levy the taxpayer's property. If you owe more than one year of taxes, you will have a second Lien, a Tax Foreclosure Lien.

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