NY Form 656-L 2024-2025

NY Form 656-L: What You Should Know

Offer in Compromise Information Return for Tax years ending in the tax year during which the notice of deficiency is received, or, when no such notice is received, for Tax years ending in a previous year. (For more information, refer to IRM 21.1.2.17.) Form 656-L (R-2006), Offer in Compromise (Doubt as to, Liability). Catalog No. 47516R. Instructions Page 2 of 2. An offer in compromise is an agreement between the taxpayer and the  recipient of a notice of deficiency on which the taxpayer states in writing an amount due by a  specific date, other than the date set forth in the notice or a penalty equal  to the amount of the deficiency plus accrued interest, without regard to the date the notice of  deficiency is received. Offer in Compromise Information Return for Tax years ending in the tax year during which the notice of  deficiency is received, or, when no such notice is received, for Tax years ending in a previous year. (For more information, refer to IRM 21.1.2.17.) IRM 21.4.2.27, OIC Application for Deficiency Information Return. Catalog No. 47516R. Details. In general, an offer in compromise is considered to have the following characteristics: An offer in compromise will not be accepted if: The IRS has a different information (that is, different form or  payroll information) regarding the same amount of tax imposed within a single tax year (that is, an offer is never accepted for an amount less than the amount of the taxes that the taxpayer owes in the  same year); The amount of the deficit or surcharge is greater than 1 but less than 5.00; or The taxpayer cannot be sure that the debt is owed to the IRS and is not a penalty imposed by the Internal Revenue Code (IRC) or a tax imposed by another state or federal statute (for example, a tax imposed by Sec. 60-861).

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