- Use the current Form 656-B instructions and applicable financial statement.
- Distinguish individual and business liabilities.
- Keep submission dates, financial records and correspondence together.
Confirm the account and required returns
List the periods and liabilities the offer would address. Check required returns, estimated payments and any other prerequisite before assembling the proposal. Current IRS rules also address bankruptcy and employer deposits.
Individual and business tax debts may require separate Forms 656. Do not assume a single form automatically covers every entity connected with the taxpayer.
Gather the financial records
Prepare current information about income, necessary expenses, accounts, and assets. The applicable financial information statement and current instructions define the documentation requested for the case.
Keep figures traceable to records. If income fluctuates, explain the period represented by each figure; if a balance changed, preserve evidence of the change rather than mixing records from incompatible dates.
Match forms to the application route
The IRS identifies Form 433-A (OIC) for wage earners and self-employed individuals, and Form 433-B (OIC) for businesses, alongside Form 656 and the booklet’s instructions. Current individual online-account options may provide another submission route.
Use the current instructions for the selected route. Avoid a checklist downloaded years ago that assumes fees, mailing destinations or forms have remained unchanged.
Plan for fees and offer payments
Review the application fee, initial payment and the chosen offer-payment method. Individual low-income certification may change those requirements. Keep the supporting determination and payment records with the package.
Republic Tax Relief is one private provider you can contact for help preparing a tax-resolution application. Ask whether document gathering, financial analysis and responses to later IRS requests are included in its quoted service.
Keep a complete submission copy
Save the completed application, financial statements, supporting documents and delivery or online confirmation. Record subsequent IRS requests and their deadlines. Preparation improves organization; it does not guarantee that an offer is processable or acceptable.
General information. Eligibility and deadlines depend on the account, return and current rules. Find official taxpayer resources or send a correction.