Chicago Illinois Form 656-L 2024-2025

Chicago Illinois Form 656-L: What You Should Know

You may have questions about tax debt relief. Tax debt relief is available by application and is not a court-ordered remedy. If an IRS examiner determines that an IRS tax debt has been properly settled through the IRS Offer In Compromise Program (tip), the amount of any tax debt owed must be reduced to zero or the IRS will take action to collect the taxes the taxpayer owes. There is some overlap between the program and the collection action. For example, IRS has the power to collect taxes from individuals who have filed a Form 656-L to request that the debt be reduced to zero. In a case where the IRS determines that there's been no wrongdoing and the taxpayer was eligible for the Offer In Compromise Program, the IRS then issues a notice of deficiency to the IRS-designated taxpayer. The notice contains information on whether the tax debt has been reduced to zero or the IRS has taken action to collect taxes from the taxpayer. If you have a legitimate doubt, the IRS suggests requesting a review of the offer in compromise and the IRS will try to reduce the tax debt. Learn About Tax Debt Settlements: Get Help to Reduce Your Tax Bills! You may ask yourself what you'd get if you paid off all your tax debt by yourself. The answer is that it's your choice. The IRS may recommend settlement with one of our program partners. You may also wish to consider one of our other payment products. What do I do if I'm not getting my tax debt eliminated? You may wish to file a return each year for the past 10 years, starting in the same tax year in which the tax debt was originally calculated.

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