Form 656-B for Queens New York 2024-2025

Form 656-B for Queens New York: What You Should Know

Filing Federal tax return — IRS The tax return  What if I owe more than 50,000 for a tax year and need an offer in compromise? You must file a Form 433-F. However, if you owe more than 50,000 in taxes, and you can't pay in full, the federal government can offer to settle your tax debts for one or more of the amounts listed below. For the complete instructions and further information on the Offer in Compromise process, go to IRS.gov/Forms. IRS Form 433-N : Information Statement on Your Credit or Collection Use Form 433-N, Your Credit or Collection Statement, to answer questions about your credit or collection activity. The IRS will send you an offer-in-compromise letter, Form 433-C, if you don't meet the conditions for an offer in compromise. For additional information about the Offer in Compromise process, go to IRS.gov/Forms or call the Taxpayer Advocate Service at 1 (800) TEACH-TAX (8443). What is the Offer in Compromise process really about? What is the difference between a taxpayer's Offer In Compromise and filing for a refund? The Offer in Compromise process is designed to help taxpayers who are unable to pay their taxes and have exhausted all other possible alternatives, such as paying in full, hiring a tax attorney, working with a state tax exchange, or filing a lawsuit. You will not be eligible for an offer in compromise until you: Have completed and filed all income tax and national security withholding (title I) returns for the tax year in which the offer in compromise is to be issued. You do not need to file an additional report with the Internal Revenue Service (IRS). Furthermore, you need to have timely filed all taxes and withheld for the current tax year. You must pay at least 90 percent of the tax to the IRS. The IRS will mail your Offer In Compromise notice if you do not meet the conditions for an Offer In Compromise. Your offer in compromise letter will contain instructions for: Preparing and filing your Form 433-C. You need to provide a check or money order with the same identifying information on the check as provided in the notice. If you are unable to do the required work without assistance, you are encouraged to see your tax professional to help you complete the required paper forms.

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