OK online Form 656-B 2024-2025

OK online Form 656-B: What You Should Know

OIC Offer in Compromise or Tax Reduction — IRS If you are under 55 years of age, use this tool to see if you may be eligible for a tax reduction based on your income. Enter your financial information and tax filing status to calculate an  OIC Offer in Compromise or Tax Reduction An Offer in Compromise or Tax Reduction is a negotiated settlement of all taxes owed. An OIC is made when an individual has completed a series of agreements with the IRS that resolve several tax matters. The OIC may be a way to resolve a joint tax matter and may be considered in several situations, including bankruptcy, collection and wage garnishments. If you find  IRS Form 8284-B Offer in Compromise Each individual who is receiving an offer in compromise (OIC) also needs to use IRS Form 8284-B, which contains information on the OIC you received (e.g., date of issuance, number of statements provided, etc.).  IRS Form 8284-B, Offer in Compromise Information If the IRS believes you may qualify for an Offer in Compromise, do not delay. Please submit your completed IRS Form 8284-B asap to the IRS or any of the creditors responsible for collecting on the debt. This form should be submitted within 60 days of the final debt collection action taken by the IRS on this debt; the IRS can allow extended handling periods for those making a timely payment. IRS Form 8284-B, Offer in Compromise Information After you submit a completed IRS Form 8284-B, you will be provided with an IRS mailing address and a return receipt number to provide to the IRS. IRS Form 8284-B Return Receipt Number, For additional help with the Offer in Compromise process, please contact us by phone () or by email. Payment of the OIC will be processed through the government's Direct Pay program. The OIC will be applied to all future tax payments. The IRS will send you an electronic Notice of Proposed Lien Payment before the notice of tax lien is issued.

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