Form 656-L for Maryland 2024-2025

Form 656-L for Maryland: What You Should Know

The IRS has officially updated their website about the offer in compromise. You will need to complete Form 656L online for some tax debts to be removed from the report or for you to be informed at which income tax dates to file (e.g. taxes you owe after 2025 for the first time or after 2019). If you have a legitimate doubt that you owe part or all of the tax debt, you will need to complete a Form 656-L, Offer in Compromise (Doubt as to Liability). Form 656-L offers you a way to lower the amount of tax you owe to less than the amount you owe and reduces the amount of interest you owe by the amount of the interest that is not exempt.  If you know what you owe but don't know your tax liability, fill out the Form 656-L, offer in compromise; and the IRS will determine what is to be settled at any given income tax date. This form gives you the opportunity to settle some of your tax debt by reducing that debt amount to a value less than what would otherwise be due. The amount of the settlement varies by type of debt, for example, if one or more types of tax debt is resolved to a value less than what would otherwise be due, and the IRS believes that the debt is owed, they may offer you an opportunity to reduce the amount of the tax that you owe to a value that is less than what would otherwise be due. There are no limitations on how much you may settle for. Here are the types of tax debts that IRS will be able to resolve: For example: Suppose your current tax owed is 25,000, and your tax payments on that debt in the amount of 250 are due by April 15, 2018. The IRS has an online system that allows you to fill out an offer in compromise and enter a total amount to be paid on your tax debt, and can notify you by April 15, 2018, about the result. There are other times when you need help with your tax debt, but don't know what to do about it, or where to start. Here are some ways you can get help: Call the IRS Toll-Free Consumer Service at, Monday through Friday, 8:00 a.m. to 8:00 p.m. ET. Visit IRS.gov and the IRS' consumer website for more information about the offer in compromise option and other options.

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