OIC FORM 656 BOOKLET UPDATED FOR 2022

The IRS recently updated its Offer in Compromise Form 656 Booklet for 2022. The booklet contains all the forms necessary to submit an offer as an individual or business. Tax professionals submitting OICs to the IRS must use the most current year version of the booklet to avoid unnecessary issues with processing their offers. An updated Spanish version of the form is scheduled for release later this year.

Taxpayers thinking about submitting an offer will want to check out the IRS’s Offer in Compromise Pre-Qualifier Tool to make sure they are eligible to file one. Enter your financial information and tax filing status to calculate a preliminary offer amount. The final decision is based on your completed OIC application and investigation by the IRS. This tool should only be used as a guide. Although it may show you can full pay your liability, you may still file an offer in compromise and discuss your individual financial situation with the IRS. 
Note: even though individuals and businesses can submit an offer, the tool is currently only available to individuals.

Visit the Offer in Compromise webpage on IRS.gov for more.