How to fill out Form 656 - 2022

EA Tax Resolutions Phone Number: 800-245-0596
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Want to file an IRS offer in compromise in 2022? well you will need to fill out an IRS form 656 to do so.

In this video I will be explaining how to fill out the updated IRS form 656. We will be going line by line through the form, to be sure you understand how to fill this out.

The IRS form 656 is used to file an IRS offer in compromise. It’s the contract that lays out the terms of the tax settlement.
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Helpful Links

IRS Financial Collection Standards

Internal Revenue Manual - Offer in Compromise - Financial Analysis

IRS Withholding Calculator

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

#IRS #OfferInCompromise #656

[gentleeyes]

You are a life saver. I've been very stressed after being laid off a few months ago, until I found out this might be an option for me, then I was concerned about filling out these two forms correctly, so you really made it clear. Much appreciated!

[kristinagochnour]

Excellent video! I'm a CPA out of Oregon, but I have not had to file an Offer in Compromise for client, as of yet. I found this video and your video on Form 433-A very helpful!

[adddans]

its 2024, some CPA drop off on me 9 days before my deadline. u saved my ass thanks a lot

[audreayoung]

Your video was a great help, I am doing this application myself. Thank you.

[lavenderspirits]

If I'm already doing the installment plan, which is too expensive for me as low income, would I still need to send in a periodic payment with my offer?

[sarahkhan]

Great video, Anthony! Can you please answer my question regarding estimated payments ? If I file offer in compromise for a client right after filing 2024 taxes, how many estimated payments is he suppose to make at that time to comply with OIC qualifier

[margom.]

Excellent video! Well explained, easy to follow. What if the income is so low that there is nothing left at the end of the month. What would be the offer? $1? Thank you!

[dennyjerez]

I would like to know how much charge for that and file my taxes for business I started on October last year

[el-hplj]

I was the executor of my parents estate from 2019 ( which was worth below 5000 assests) also which I never volunteered to be. I was just the only person left in the family to handle their affairs( which I tried my best to do). I set up a estate account at the bank, set up a probate ( which was not needed) at the court. I did everything I could or knew to do. Filed their final 2019 1040 returns. Filed 2017/2018 1040s they never did.The irs keeps coming at me (2023) 4 years later, going back and forth that my parents are deceased. I already gave them whatever was left in the estate already. The estate has been exhausted and closed with the court. They still mail me that they owe 30k and my names on it. Im so sick of this. I have no liability for what my parents tax problems were. Can I send a 656 L (NO Liability form) for $1

[andrewvasquez]

Thanks for the information you are providing here. My question is this; I am filling out a 656-B, this would be for a personal amount I owe the IRS. I also am self employed, through an LLC. Which sections of the 656-B do I have to fill out for my personal debt? And, do I have to fill out any specific forms for the LLC? Thanks in advance!

[jaybae]

Thanks so much this.

In your experience, how long does it take for the IRS to make a decision?

[nilan_prr]

If I filed married separately and Im making an offer for my myself, do I have to input my spouse's income in relevant places?

[araceligonzalez]

Thank you for your help! If taxpayer is part of a partnership and he/she only gets a schedule k-1 as income. would they need to fill out business section? Thank you for your help

[docexcy]

At section 8 all boxes are zero at the offer amount should I put $1 ( since it said have to more than 0) or just leave it blank
Appreciate

[loverose]

What if I live with 2 other people but They’re not my dependents can I still include them in my household size?

[eataxresolutions]

If you are looking to schedule an appointment to go over your case, please use the link below.

[fifiLove]

Great video. So, do I continue to make the monthly payment while waiting for the offer to be accepted by the IRS, or do I wait until I hear back from them? A bit confused.

[rickynunez]

Thank you for this instructional video. So if I qualify for the low income waiver, do I enter $0 where is says for the first payment included in this offer then my monthly amount for 23 months then final payment on the 24th month since I'm not sending a first payment with the offer?

[Andolem]

What happened if I lost my keys for Crypto Currency Wallets?