This is Amanda Kendall the true result tax professionals wanted to come onto today and give you a video on the updated form 656 for the offer and compromise these forms are updated almost annually by the IRS there's typically only a few changes, but I wanted to go ahead and point out what the changes were for the form update in March 2018, so I'm going to drop a link below that will get you to the original step-by-step instructions that will carry you through most of this form and then as they're going through that, and you see some differences on this form you'll want to come back to this video to find the differences to know how to fill those out, so I'm going to scroll down here. The application previously was six pages long now it is seven pages long, so I'm just gonna kind of scroll down all of this on this first page here is very similar to the last form. And I've highlighted the sections that we're going to take a look at today so on page two of seven we have our low-income certification which was on the previous form however this highlighted section here is new on the 2018 version of this form. It does state here that if you qualify for the low-income certification that you do not include any payments with your offer however if you do choose to send in some payments on this you have to check one of these boxes in order for that payment to be applied properly. The two options here are either payment or deposit. Let me explain the difference on those. A payment is that you're going to make this payment and whether your offer is accepted you are allowing that payment to be applied to your past...
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How to prepare Form 656-L
About Form 656-L
Form 656-L is a form used by taxpayers who want to apply for an Offer in Compromise (OIC) with the Internal Revenue Service (IRS). An OIC is a program offered by the IRS that allows eligible taxpayers to settle their tax debt for less than the full amount owed. The 656-L form is specifically designed for taxpayers who are applying for an OIC based on Doubt as to Liability (DATL), which means that the taxpayer is disputing the amount of tax owed or whether they are even responsible for the tax debt. To be eligible for this program, taxpayers must complete and submit Form 656-L along with other required documents and fees. The form includes detailed information about the taxpayer's finances, including income, expenses, assets, and liabilities. It also requires the taxpayer to provide a detailed explanation of their dispute with the IRS over the amount of tax owed or their liability for the tax debt. In summary, taxpayers who cannot pay their tax debt in full and are disputing the amount owed or their liability for the debt may need to use Form 656-L to apply for an OIC based on DATL with the IRS.
What Is irs gov form 656?
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