In an email on May 17, the IRS reminded tax practitioners to download and use the most current version of Form 656-B, Offer in Compromise Booklet, to avoid processing delays.
The most recent version of the Offer in Compromise Booklet was released by the IRS in April.
The booklet includes, among other things, the forms taxpayers must complete as part of the OIC process.
An OIC allows a taxpayer to settle their tax debts for less than the full amount only after the individual has exhausted all other payment options, the IRS said.
The agency said it considers each taxpayer’s unique set of facts and circumstances before accepting an OIC.
Additional information, including a chatbot, is available here.
Sign in to get access to this free resource, and all of our whitepapers and reports.
Download this content today!
Register Now Already registered? Click here to Log In
