ID Form 656 2024-2025

ID Form 656: What You Should Know

Tax information from the IRS for spouses and qualifying family members. How to Complete Form 656, Offer in Compromise — IRS Use this form to make an Offer in Compromise (OIC) with the IRS. You just need to be sure to include: The first three pages have the necessary information in them to allow for your request (such as the name, address, and phone number of the person offering, the amount of the offer, and its deadline). The forms will have a “PENDING FEE” on the back, which means you need to pay a 150 application fee in order to proceed. You also need to make sure to read the bottom of the form to see the information that is used to set a deadline—if it's set at  May 19, 2023, you have until Dec 31 of the year of the tax year you'd like to settle the liability (or before, if you don't do any taxable activity for that year) to file Form 706. What to Include in the Offer in Compromise (OIC) — IRS For a non-resident of Idaho: Name Address Phone 1 Phone 2 Date of Birth Amount of Offer Interest, if any Credit Card or other Debt 3,000,000 0 0 3,000,000 Credit Card Interest 0 400 0 400 Credit Card Debt 0 400 0 400 Income Taxes Frequency of Payment Method Annual payments Gross interest earned Annual interest paid, less any required refund due Date paid The IRS won't charge you a penalty if you settle a tax debt with the IRS on a timely tax return. Taxpayers who owe the state of Idaho the amount of their Offer in Compromise taxes: May do this after the first year. May do this up to three years after that time period (this means that it will take a long time to be paid, assuming you don't ever file or pay off your tax debt). May do this up to 10 years after the tax year from where they began filing their tax return (the date it was paid is not taken into account). Taxpayers who owe more may need the offer in compromise taxes made before this time. Note: The offer in compromise taxes owed are due 30 days after the offer is made. For more detailed information about the Offer in Compromise, please see your tax advisor.

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