Form 656-B for Wyoming 2024-2025

Form 656-B for Wyoming: What You Should Know

Booklet — Offer in Compromise (Form 656) Filing The Offers In Compromise To The IRS If you meet the requirements, don't bother to file the form. Form 656 covers all you'll need to do -- except filing the paperwork for the offers, as outlined in Section B below. How To File The Offers In Compromise To The IRS To help you prepare for filing this form, I suggest the following: Do not be afraid to call a tax advisor. Be sure to keep copies of all IRS forms you will use on offer in compromise to avoid any confusion later on. Make a photocopy of it, but do not mail it. Make sure to use paper and tape, rather than electronically. Don't use a computer or cell phones as they can provide you with an inaccurate estimate of your offer amount. The IRS will do an estimation of your offer amount only after you have received the completed offer in compromise form, at which point they will compare it with the amount shown on your tax return that year as the tax due date. You can calculate your offer amount with two methods: If your taxable income comes from one type of business, use the table in section E. If you don't have any taxable income, you can use the IRS “adjusted gross income” table in section E. Using IRS tables The tables in Section E are the only way to get accurate information about the estimated offer amount that will come out of your pay stub (see below). The first step to calculating this estimate is to take your “gross earnings,” which means your gross income from all sources. Do this by determining your: Adjusted Gross Income From the table in section E, you will have the amount shown as Gross Earnings. Now, you have to take that amount, multiply that by .75, and add this to your gross income from any source. In other words, 15,000 of your 18,000 gross earnings will give you 14,750, and 8,500 of your 12,500 gross earnings will give you 8,500. Once you have the gross earnings from this method, take that and multiply it by .85. This will give you the 15,000 estimates in line E. Now you have to take that amount and multiply it by .85.

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