Form 656 Elizabeth New Jersey 2024-2025

Form 656 Elizabeth New Jersey: What You Should Know

Important note: you should do all required steps, including a personal interview with an IRS agent. If you fail to complete all required steps, you can still use the Offer in Compromise in a future tax return, but it will require you to file a new tax return. The IRS will review any Offer in Compromise filed on a return for that year and, if you owe, the agency will initiate a hearing before an official IRS office. You will be called to appear at the hearing. The IRS will determine the amount of the tax debt you owe and, if you refuse to sign an offer in compromise, the IRS may levy the tax debt and file a lawsuit to collect the tax debt. If you sign the offer, the IRS may request an additional hearing (at least 90 days) before an official IRS office. If you refuse to sign an offer in compromise, you can remain silent at the hearing and, if applicable, present additional witnesses or documents to support your denial. We will mail or fax a written Notice of Hearing (Form 433-R, Hearing Notice) to you at your address on file with us, along with a notice of your right to a telephone hearing (if you qualify in a telephone hearing and no witnesses are available for the hearing). You can attend the hearing on your own or be represented by an attorney. The hearing procedure is the same for all offer in compromise cases. During the hearing, the IRS will ask information from you regarding the amount and source of the income, deductions, and credits, as well as tax related accounts and items of income. The IRS also will ask you certain questions that will help us determine your compliance with our Offer in Compromise Program. If you do not answer a question honestly, or fairly you will be treated as having willfully failed to answer any questions. If the IRS finds that you do not willfully fail to answer any questions, it will enter your account information in a computerized database. (See IRC Sec. 6662-2(e)(11)) For example, you can pay all or a portion of the tax debt based on a percentage of that amount.

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