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Offer in Compromise CPA offers tips for 2014 IRS Form 656 | Back Taxes

Form 656, Form 433-A, Form 433-B implications discussed by CPA Wilmington NC

Gary Bode, CPA: Form 656, Offer in Compromise, can still be an effective way to settle your back tax bill with the IRS. For a free initial phone consult, call us at 399-2705.

Form 656 or Form 656-L, Offer in Compromise, is the most widely known IRS back tax settlement technique. This is the infamous “penny on the dollar” IRS technique that spawned “offer mills’ that advertised heavily on late night TV. Various States took action against the deceptive practice offer mills used. I’ll try to expand on the Form 656 instructions a bit and offer a few tips I’ve learned as an Offer in Compromise CPA, including how Offer in Compromises get funded.

  • The qualifications for IRS acceptance of Form 656 are well-known.
    • The IRS now has a “pre-qualifier” tool on their website.
    • An ethical Offer in Compromise CPA will walk you through that tool first. Takes about 5 minutes.
    • The tool doesn’t tell you how far off from acceptance you might be.
  • Given enough time, planning may be able to mold your circumstances to fit IRS guidelines for Form 656.
    • Offer mills unethically promoted the Offer in Compromise technique as a universal response to back tax cases and there has been a legal backlash against them.
    • Offer in Compromise Planning is ethical.
    • The IRS now accepts far fewer Offers in Compromise, so tax positioning is now more complex.
    • Individuals must file Form 433-A with Form 656.
    • The IRS has intimate knowledge of your finances secondary to the information provided on Form 433-A, Form 433-B and /or Form 656.
  • Businesses must also file Form 433-B with Form 656..
  • There are alternative IRS settlement techniques for back tax cases.

The Common Paradox with Form 656, Offer in Compromise: how to pay an Offer in Compromise

Your Offer in Compromise CPA helps you with anticipated cash flow. You qualify for an Offer in Compromise because you’re in poor financial condition.  But this might mean you don’t have money to pay even a “pennies on the dollar” back tax settlement. The IRS may allow you to pay the back tax settlement over time. But more often, these funds are provided by the taxpayer’s family.

Don’t let Distance keep you from getting a Free Initial Consult with us!

I’m an Offer in Compromise CPA with a virtual office. If you peruse our posts, and like our ability and proactive attitude, gives us a call at (910) 399-2705. I’m a Masters degreed CPA and tax accountant who actually enjoys all the nooks and crannies in the IRS tax regulations. Through the Internet, cell phones, faxes, E-Mail, we offer superior client service regardless of where you live.  We’re empathetic and non-judgmental. Our goal is to dispatch your back taxes for the least amount of money with as little stress as possible.

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1 comment to Offer in Compromise CPA offers tips for 2014 IRS Form 656 | Back Taxes

  • latonia

    I have a tax IRS tax form that states i owe 3000.00 and i don’t receive that much income although i am working. I would like to know what steps can i take to get this taken care of instead of having to pay the full amount. please contact me at 803-371-6523 or my email latoniathompson34@yahoo.com

    Thanks in advance..

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