TN Form 656-B 2024-2025

TN Form 656-B: What You Should Know

Form 656 is used to propose an OIC for purposes of federal and state tax law as well as the Internal Revenue Code. This form is also used by the IRS to conduct investigations. The Form 656 booklet instructs you on how to fill out this form.  The Offer of Compromise Form Once Form 656 is filled out, submit it to the IRS where you must send to: IRS-OIC Processing. If it was filed in person, take it to any location that provides processing services: IRS-OIC Processing. Form 656 Booklet — The Offer in Compromise You must include either the IRS Form 656 or your offer in compromise (OIC) in your tax return.  It is important to note that the tax penalty for a failure to submit a properly filled out tax form is 5,000 per tax return, and the IRS reserves the right to pursue such penalties in court. If you fail to make Form 656 available to the IRS, a taxpayer advocate (TPA) will contact you to review your case as soon as your tax return gets completed. There are some situations where you may want to use the Form 656 booklet on your computer and print them out off before you submit it to the IRS, so you don't lose them.  A list of all the options can be found on the official website of the IRS at.  Click on the link listed under Preparing for your IRS Form 656, and then select the “File as a Single Filing” option. Then select “Other Options” and then choose the option marked “File Form 6062 Booklet”. Do not use Form 630 as your tax return! Do not submit your “offered” offer in compromise (OIC) using the IRS “other options” tab or any “Pre-qualified”. Instead, simply print out your own offer and mail it in to the IRS to settle your tax debt. It will get you on a fast track to resolving your taxes!  If you use Form 656 to settle your tax debt before you submit your tax return, you are putting yourself on the path to being denied an adjustment. The penalty for this would be a 500 penalty per return for the period you were not in compliance.

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