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IRS 656-L 2020-2023 free printable template
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Form 656-L Offer in Compromise Doubt as to Liability CONTENTS What you need to know. 2 Important information. 3 Form 656-L. 5 IRS contact information If you have questions regarding qualifications for an offer in compromise please call our toll-free number at 1-800-829-1040. To request consideration under doubt as to collectibility do not use this form. You must complete a Form 656 Offer in Compromise found in Form 656-B Offer in Compromise Booklet. Treasury. gov/oicprequalifier/....
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How to fill out irs oic 2020-2023 form

How to fill out irs oic:
01
Gather all necessary documents, such as tax returns, financial statements, and supporting documentation.
02
Complete Form 656, Offer in Compromise, including your personal information, tax liabilities, and proposed offer amount.
03
Attach Form 433-A(OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals, or Form 433-B(OIC), Collection Information Statement for Businesses, depending on your situation.
04
Provide accurate and detailed financial information, including income, assets, expenses, and liabilities.
05
Calculate your offer amount based on the Offer in Compromise formula or consult with a tax professional for assistance.
06
Include your initial payment, typically 20% of your offer amount, or request a waiver if you qualify for low-income status.
07
Sign and date the completed forms, ensuring all required fields are filled out correctly.
08
Submit the forms, supporting documentation, and payment to the IRS according to the instructions provided.
Who needs irs oic:
01
Individuals who are unable to pay their tax debt in full and can demonstrate financial hardship.
02
Businesses or self-employed individuals facing significant tax liabilities and are unable to resolve them through traditional means.
03
Taxpayers who have explored other payment options, such as installment agreements or currently-not-collectible status, but are still unable to meet their tax obligations.
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