Form 656-B for New Jersey 2024-2025

Form 656-B for New Jersey: What You Should Know

Informational Video Overview : For more information regarding the Offer In Compromise — IRS, please visit IRS Tax Tips or Tax Information Center. Tax Tips for Individual taxpayers The Offer In Compromise (OIC) is a tool available to taxpayers to determine they may be able to pay an individual tax debt based solely on their tax-filing status and income. To qualify, taxpayers must be a citizen or resident of the United States; present at least one free-standing family taxpayer status account; have no active balance owing to a trust or retirement plan; and have a net available credit (NAC) of no more than zero. Income limits are based on the taxpayer's tax filing status: a resident or citizen of the United States when the taxpayer's gross income is: 600,000 for married filing separately, 600,000 for married filing jointly, or 450,000 if filing head of household. The offer is subject to certain exceptions related to certain income and itemized deductions. The Taxpayer may be subject to a 3.8% assessment on tax return information the taxpayer does not or will not furnish to the IRS. Offer In Compromise (OIC): The offer in compromise is not an alternative to a lawsuit. If your claim for the offer is not paid within 15 days, we will continue to assess you, and you may owe interest for any unpaid interest. The IRS offers no tax advice, advice cannot replace advice from legal counsel, and we cannot assure you that the offer in compromise will work for you. This offer is intended for taxpayers with a net available credit of zero or an individual who qualifies for the offer in compromise but has not yet filed an IRS Form 656-B. The Offer In Compromise offers have been filed by taxpayers of all income levels, and they generally have zero balances. The IRS will determine if you are eligible for this offer in compromise. If you qualify, we will process your claim for an offer in compromise. Your financial representative (if you are using Form 433) must complete the offer, and a person must sign the offer. Each taxpayer claiming the Offer in Compromise is eligible for an IRS tax credit for the tax period ending during the month the agreement is entered into.

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