South Dakota Form 656-B 2024-2025

South Dakota Form 656-B: What You Should Know

It's important to submit a Form 656 before you decide whether you have the resources to pay your outstanding debt, even if you've made an offer to the IRS. What Are My Options After I Complete Form 656? Your choice for repayment depends on how much debt you can pay and the financial resources you have at your disposal. Pay the entire principal before you decide on repayment plans Consider repayment on a sliding scale based on the payment that's less than 50% of the amount outstanding Try to repay all of your debt at once What Are The Risks If I Don't Submit Form 656? The alternative is to lose your option for repayment under the Offer in Compromise program. For years, the IRS has had a program where it reimbursed people with qualifying small debt repayments (less than 1,000 and less than 10% of their income) for the interest on their debts. The offer in compromise program encourages debtors to submit an offer, which will encourage some to qualify, but it doesn't make it easier for everyone to qualify. What Should I Do If I Can't Pay My Debts? If you can't pay off all of your debts, contact an attorney at a debt settlement company. If you don't think an offer in compromise is worth trying, consider getting a home equity line of credit to repay all or a portion of your debt. What Is Your Financial Situation Right Now? How much debt do you have? How much income do you have? Income is a key component to meeting the requirements of the IRS's Offer in Compromise Program, but it doesn't necessarily dictate your option for repayment. The IRS offers debt collectors this guidance: “In order to qualify for the IRS offer in compromise, you must be able to certify that all of your federal, state, and local income tax liabilities and federal, state, and local consumer credit obligations are current or substantially current.” (Emphasis added.) “Include in your income any income that is used to pay the entire principal owed (for example, interest on principal owed).” (Emphasis added.) “Your current financial status should be shown on your most recent tax return and for the period during which you submitted your completed Offer in Compromise.” (Emphasis added.

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