The Internal Revenue Service (IRS) has announced the release of Form 656, Offer in Compromise, revision February 2007. The new form retains the taxpayer burden reduction features while adding significant changes as a result of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA). These changes include: New payment terms and submission rules; Processability checklist, redefined as a result of TIPRA, which assists taxpayers in determining up front if they are eligible for an offer before investing any preparation time; A new matrix to assist in determining the number of Forms 656, $150 application fee(s), and TIPRA payments to submit to the IRS depending on the number of individuals submitting the offer and the types of liabilities being compromised;A checklist which reduces the chance that the application will be returned by the IRS for omissions, as well as a reminder of the necessary documents to include with the application prior to its submission to IRS; Form 656-A, renamed Income Certification for OIC Application Fee and Payment; and Form 656-PPV Offer in Compromise Periodic Payment Voucher.
www.offerincompromiseform656.com
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