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Form 656-B Wilmington North Carolina: What You Should Know

This offer will not be accepted more than seven  times during the period of 1 year from the time of filing. When you submit an offer in compromise, all the information  necessary for a fair and exact offer will be made available and sent to IRS within 10 to  30 days. Tax Deferral This option is available to taxpayers who have no financial liability to the IRS as of the time  of filing the Form 656, Offer In Compromise. A taxpayer's tax liability, including unpaid federal  taxes, can not exceed 6 times the amount received as consideration for a proposed settlement agreement,  provided that the total amount of all deferred taxes on the property exceeds the tax liability. This provision  is available only if the taxpayer pays the tax deferred from the net proceeds of a Form 656, Offer  In Compromise.  Tax Deferral — Taxpayers with No Financial Liability When you file a Form 656, you must pay a portion of your tax liability (including unpaid federal tax­es) and  make up the rest by depositing with the State Collection Unit (SCU) a cash bond with an interest rate not  to exceed 9 percent per annum (12). Depositing Tax Bonds into the State Collection Unit (SCU).  Pay your tax liability to the State Collection Unit (SCU) in advance of the time you are required to file a Form 656, Offer In Compromise. The payment will be  deposited into the SCU by certified mail or hand-delivery. Depositing the cash bond at the State Collection Unit (SCU). Payment should be made for property the taxpayer owns, or expects to receive in the future. Deposits are  nonrefundable. No cash will be received. To determine if you must deposit a cash bond, contact the  State Collection Unit (SCU) and request a Form 656, Offer In Compromise.  Income Certification for Offer in Compromise Application — IRS Application Fee and Payment. Catalog Number 28300X. Form 656-A (Rev. 2-2007). Form 656-A (February 2007).

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