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Form 656-B online Glendale Arizona: What You Should Know
Form 656-B, the Offer in Compromise Booklet, tells you what to do if you are unable to pay on time, or do not pay what you owe. The Offer in Compromise booklet tells you how to settle your taxes by offering in compromise to other creditors. The instructions tell you when to deposit the amount of interest you will be paid to make an offer in compromise. These instructions also tell you when to withdraw from the offering, and whether you can withdraw money from other income. The instructions tell you how to pay all the other creditors, including the IRS. When the offer is accepted by an IRS official, this official will ask you to sign the Offer in Compromise Sheet, which tells you how much you have to pay in taxes. You also must sign the Offer in Compromise Certificate, which shows the official's name, address, and signature. An IRS Form 656-B or a form similar to an IRS Form 8300 will be sent to your home address if you make an accepted offer. Creditors You may offer your home to another person as protection against your creditors. This does not mean the other person will use it as security. It only means you will put it on the market to earn the proceeds of your offer. Some examples of your creditors are: Mortgage lenders who may foreclose or may be foreclosing on your home. Credit card companies who may not pay their debts or may not pay a debt until you have sold your home. Bankruptcy court judges who may grant you a motion to transfer ownership of the property as security for a debt you may have. Credit Rating agencies that may threaten to downgrade your credit rating if your offer in compromise has not been accepted by the IRS. (If you are having problems with these agencies, see the IRS Credit Rating Agencies web page.) Offer in Compromise (OIC) Amount There is a minimum offer in compromise for a sale of real property of 250,000, plus the purchase price, or 400,000. There is a maximum offer in compromise for a sale of real property of 125,000, plus the purchase price, or 50,000. A purchase price is the fair market value of the property. All property sold under an Offer in Compromise must be either: Registered: A purchase of real property in any state must be registered with the Secretary of State of the state in which the property is located.
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