What Is Form 656 And How Do I File One?

Form 656 is an IRS form used to request an offer in compromise, or OIC. An offer in compromise is a type of tax settlement to resolve your debt with the IRS. If you qualify and are approved for this type of settlement, it can allow you to pay less than what you owe in back taxes and penalties. In order to be eligible for an OIC, taxpayers must meet certain criteria set by the IRS.

The process of filing Form 656 involves completing the paperwork, gathering all required documentation, and submitting that package as well as a $205 application fee to the appropriate address specified on the form. To complete Form 656, taxpayers must provide information such as their income and expenses related to both secured debts like mortgages or car payments and unsecured debts like credit card bills.

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