Form 656-L for Brownsville Texas 2024-2025

Form 656-L for Brownsville Texas: What You Should Know

The Internal Revenue Code (IRC) requires the Internal Revenue Service and the State Department of the Treasury to provide individuals, as well as entities (instructors, corporations, trusts, estates, and partnerships) and financial institutions who come under the jurisdiction of the IRS, with certain procedures to prepare and file a Form 656. The IRC requires the tax authorities to ensure that the amount of any contract or other proposal they have to settle, and the payment made under the contract may not be inconsistent with the amount actually owed. Under IRC § 7612, individuals are required to submit a statement to the IRS to request assistance with making an OIC offer in compromise. Taxpayers also have the burden of demonstrating that, although they may owe the IRS some or all of the tax debt, they intend to make a good faith effort to resolve the tax issue by making a contract. If the IRS has reason to believe that a taxpayer, or his or her agent, has failed to make an OIC offer in compromise or has made an OIC offer in compromise but has failed to complete an offer in compromise, the IRS may take whatever steps are necessary to recover the taxes and interest owed or to satisfy the taxpayer's obligation. If a taxpayer's offer in compromise is accepted by the IRS, the IRS files Form 1099-MISC for the amount and under the circumstances for which the taxpayer is obligated. Taxpayers have the burden of establishing, on a true and accurate basis, that the amount of the tax debt does not exceed the amount actually owed by the taxpayer at the time the contract is made. A contract made by a person or entity that is not a taxpayer for the taxpayer's convenience does not become part of the taxpayer's tax debt, and the taxpayer cannot establish a contract by making an oral offer or a written statement about an OIC. In addition, a contract is not filed with the IRS if it is made by a taxpayer who does not actually owe any taxes. Taxpayers are not permitted to rely on representations or statements they make to the IRS for any purpose. Failure by a taxpayer to make a contract with the IRS in a timely manner would result in an administrative penalty for failure to cooperate with the IRS.

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