How to fill out Form 656 - 2022

[@eataxresolutions]

If you are looking to schedule an appointment to go over your case, please use the link below. www.eataxresolutions.com/form-tax-consultation-2

[@kristinagochnour3131]

Excellent video! I'm a CPA out of Oregon, but I have not had to file an Offer in Compromise for client, as of yet. I found this video and your video on Form 433-A very helpful!

[@eataxresolutions]

Glad it was helpful!

[@gentleeyes]

You are a life saver. I've been very stressed after being laid off a few months ago, until I found out this might be an option for me, then I was concerned about filling out these two forms correctly, so you really made it clear. Much appreciated!

[@salvadormarin2478]

i owe 21,000 and I'm planning on submitting the forms. how did it go?

[@adddans]

its 2024, some CPA drop off on me 9 days before my deadline. u saved my ass thanks a lot

[@eataxresolutions]

glad i could help

[@audreayoung7527]

Your video was a great help, I am doing this application myself. Thank you.

[@eataxresolutions]

Thank you! Glad we were able to provide some assistance.

[@salvadormarin2478]

have you had any results ?

[@jaybae7315]

Thanks so much this. In your experience, how long does it take for the IRS to make a decision?

[@eataxresolutions]

About a year

[@lavenderspirits]

If I'm already doing the installment plan, which is too expensive for me as low income, would I still need to send in a periodic payment with my offer?

[@eataxresolutions]

no you can offer a lump sum offer and stop making payments while the offer is getting considered. Don't stop making payments until you receive a letter from the IRS stating the offer was received.

[@lavenderspirits]

Thank you! One more question, I’m my brothers representative payee for his disability check and he’s my dependent. Can I check “no” on “contribute to household income?” I mainly use his check for his needs. He’s over 18 & is permanently and totally disabled if that matters.

[@eataxresolutions]

@@lavenderspirits Quick answer is yes, however there is a lot more to this. I can go over how it works exactly in a consultation. Use the link below to schedule. www.eataxresolutions.com/form-tax-consultation-2

[@margom.8901]

Excellent video! Well explained, easy to follow. What if the income is so low that there is nothing left at the end of the month. What would be the offer? $1? Thank you!

[@eataxresolutions]

Love the feedback! thank you! You can offer $1, just has to be more than $0

[@el-hp1lj]

I was the executor of my parents estate from 2019 ( which was worth below 5000 assests) also which I never volunteered to be. I was just the only person left in the family to handle their affairs( which I tried my best to do). I set up a estate account at the bank, set up a probate ( which was not needed) at the court. I did everything I could or knew to do. Filed their final 2019 1040 returns. Filed 2017/2018 1040s they never did.The irs keeps coming at me (2023) 4 years later, going back and forth that my parents are deceased. I already gave them whatever was left in the estate already. The estate has been exhausted and closed with the court. They still mail me that they owe 30k and my names on it. Im so sick of this. I have no liability for what my parents tax problems were. Can I send a 656 L (NO Liability form) for $1

[@dennyjerez1]

I would like to know how much charge for that and file my taxes for business I started on October last year

[@andrewvasquez9937]

Thanks for the information you are providing here. My question is this; I am filling out a 656-B, this would be for a personal amount I owe the IRS. I also am self employed, through an LLC. Which sections of the 656-B do I have to fill out for my personal debt? And, do I have to fill out any specific forms for the LLC? Thanks in advance!

[@salvadormarin2478]

im also self employed, and i want to submit the forms. how did it go? did they settle for less amount?

[@nilan_prr]

If I filed married separately and Im making an offer for my myself, do I have to input my spouse's income in relevant places?

[@Millystyles704]

Thank you

[@eataxresolutions]

You're welcome!

[@araceligonzalez442]

Thank you for your help! If taxpayer is part of a partnership and he/she only gets a schedule k-1 as income. would they need to fill out business section? Thank you for your help

[@eataxresolutions]

Great Question! Most likely you are trying to resolve personal income taxes, and therefore you would not need to fill out the business section of the 656, however you will need both the 433-a (oic) and 433-b(oic) that will need to be filed along with the 656

[@araceligonzalez442]

@@eataxresolutions Thank you again for your time and help!

[@fifimartins4440]

Great video. So, do I continue to make the monthly payment while waiting for the offer to be accepted by the IRS, or do I wait until I hear back from them? A bit confused.

[@eataxresolutions]

Thank you! If you choose the Periodic Payment in section 4 of the 656, you will need to continue to make payments while the IRS is considering your offer.

[@EndlessSmiles14]

감사합니다 kam sa hap ni da Thank you 😊

[@docexcy2439]

At section 8 all boxes are zero at the offer amount should I put $1 ( since it said have to more than 0) or just leave it blank Appreciate

[@loverose329]

What if I live with 2 other people but They’re not my dependents can I still include them in my household size?

[@eataxresolutions]

Great question. Yes you can include them in the household size, but you will also need to include their income towards the household, therefore you would only get a percentage of the expense. It gets a little complicated, but I go over a very similar case in the following video where a taxpayer is married, but doesn't include the spouse in the offer, and files separately. The way you calculate expenses would be the same as your circumstance. kzbin.info/www/bejne/nWWykIGebr2FsLs

[@rickynunez7367]

Thank you for this instructional video. So if I qualify for the low income waiver, do I enter $0 where is says for the first payment included in this offer then my monthly amount for 23 months then final payment on the 24th month since I'm not sending a first payment with the offer?

[@eataxresolutions]

Correct!

[@rickynunez7367]

@@eataxresolutions thanks so much!! Happy Thanksgiving!!

[@Andolem]

What happened if I lost my keys for Crypto Currency Wallets?

[@eataxresolutions]

I can address your question with a tax consultation. Please use the link below to schedule an appointment. www.eataxresolutions.com/form-tax-consultation-2