Form 656 Virginia Fairfax 2024-2025

Form 656 Virginia Fairfax: What You Should Know

There is no one right way to prepare for this scenario.  First, the taxpayer needs to understand the offer. Even if you are not representing the taxpayer, it is important that you understand their requirements — their current needs. The Taxpayer Needs to Be Compromised It is very important they understand that the offer is only valid if they will voluntarily complete one of our three offers in compromise.  If not, the taxpayer still needs to understand that once the taxpayer is offered the option in compromise, they are no longer subject to a 6-month hold.  If the taxpayer rejects the offer in compromise, the taxpayer's liability will be placed on hold until this hold period is over. If the taxpayer accepts the offer in compromise, the taxpayer still cannot be held for more than one year. The Offer in Lieu of Compromise The offer in compromise is generally considered the least attractive approach.  The taxpayer must be able to show that they have an income level that does not fall under IRS guidelines for an income tax return. The Offer in Lieu of Compromise is the option that we look at first before determining the best proposal.  You are not permitted to offer the taxpayer a higher income that the taxpayer was already working with. The Offer in Lieu of Compromise must include the following : • All income from current salary • Employer 401k match • Cash bonuses • Business travel • Medical and dental insurance • Disability benefits • Unemployment Insurance benefits • Other benefits provided specifically for an individual who is 65+ • Income of a spouse — This income cannot have been used to calculate a spouse's income for tax purposes.   The Offer in Lieu of Compromise must include the following : Income must have been earned within the last 4 months • Income must have been earned prior to filing your tax return — You cannot offer this income as a gift. You can offer income that the taxpayer paid before filing their tax return, or as a grant. • Income must have been earned prior to the taxpayer being released from incarceration / imprisonment — There is no limit on this offer. If the taxpayer agreed to be released, they must be released on the offer in compromise. There is no way to limit this offer, or add restrictions on the person being released from incarceration/prison.

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