MT online Form 656 2024-2025

MT online Form 656: What You Should Know

A Form 656 application • A check with your name and Social Security Number on it (you will be asked to make this check payable to the U.S. Taxpayer Identification Number (“ITIN”) you provided when you filed your return for the year the offer was completed), along with the following: • Your full name (and Social Security number) and address; • If applicable, the IRS identifier for your account (if any), along with the Social Security number and any other information required by the IRS; • If applicable, the amount of income you are requesting an offer in compromise from the IRS (see page 4 of IRS Offers in Compromise Guidebook); • A copy of your completed Offer in Compromise application form, along with your completed Offer in Compromise application form, together with a nonrefundable 150 filing fee for your offer. • An additional 225 filing fee, unless there is also accompanying information required by the federal tax law.  What you apply for with IRS Offers in Compromise Guidebook An Offer In Compromise (OIC) agreement is an IRS agreement to pay all outstanding tax liabilities, including those taxes owed for the year prior to the year in which your OIC agreement is accepted. The IRS will apply any amount you are approved under the Offer in Compromise to pay any tax you owe. The IRS offers in compromise may be used to settle your taxes owed for one or many years, or to settle the total amount that must be paid in the tax year to which your OIC agreement applies. The IRS will not apply more than the amount stated in the agreement to all outstanding tax liability that is to be settled, even if that amount is later greater than the applicable offer. In addition, you will have an opportunity to amend your OIC agreement in certain circumstances if you are no longer entitled to the benefits of an offer in compromise. See IRS Offers In Compromise Form 656 and 656A, Application For Withdrawal. Offer in Compromise — Form 644 (Booklet) How Will The IRS Approve Me For My Offer In Compromise? The IRS will review your offer in compromise to determine what benefits are allowable under the agreement.

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