Form 656-L Corona California 2024-2025

Form 656-L Corona California: What You Should Know

The IRS may accept the Offer in Compromise for you and reduce or cancel your tax debt, but only if the total debt owed is equal to or less than the Offer in Compromise.  The Offer in Compromise is issued by the IRS in connection with a request by a taxpayer to resolve his or her tax debts without requiring payment of additional amounts. The IRS uses Form 656-L to accept an OIC and negotiate reduced or canceled tax liabilities in cases of doubt about whether a taxpayer owes taxes. The IRS accepts the Offer in Compromise in one of two ways, either when the IRS determines the taxpayer is not liable for the full amount of tax debt, or when the IRS receives a claim from a taxpayer requesting a reduction or cancellation of the tax debts owed. How to Submit Form 656, Offer In Compromise — Treasury Inspector General for Tax Administration For additional information about Form 656-L and other offers in compromise that taxpayers file, see: For more information about OICS, see: Other important information on IRS offers in compromise: Taxpayers can receive OICS to settle a tax debt between the IRS and a taxpayer when the IRS determines that the taxpayer is not liable for the full amount of tax debt. To apply for an OIC, a taxpayer must submit Form 656-L to the IRS. The form must be completed and signed (or in some administrative situations, a notarized Affidavit) by the taxpayer and the taxpayer's representative if he or she is the individual taxpayer. No more than one claim can be submitted at any time. The first OIC filed with the IRS is valid for a 180-day period. After 180 days, a taxpayer must submit a request to have the OIC extended for another 180-day period to allow the IRS more time to address the taxpayer's request. If this is done and the taxpayer's request is approved, then the OIC expires and a new Offer in Compromise is submitted to the IRS. The OIC allows the taxpayer to settle his or her tax debt less than the tax debt to which the OIC applies and the taxpayer's tax liability could actually be reduced or cancelled. If the taxpayer's tax liability is not properly reduced or cancelled, the taxpayer will be subject to additional penalties and interest charges.

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