Form 656 - Offer In Compromise Page 3
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4of this offer. If I/we file bankruptcy before
(o) If I/we fail to meet any of the terms and
the terms and conditions of this offer are
conditions of the offer and the offer defaults,
completed, any claim the IRS files in the
then the IRS may:
bankruptcy proceedings will be a tax claim.
immediately file suit to collect the entire
unpaid balance of the offer
(l)
Once the IRS accepts the offer in writing,
immediately file suit to collect an amount
I/we have no right to contest, in court or
equal to the original amount of the tax
otherwise, the amount of the tax liability.
liability as liquidating damages, minus any
payment already received under the terms
(m) The offer is pending starting with the
of this offer
date an authorized IRS official signs this
form. The offer remains pending until an
disregard the amount of the offer and
authorized IRS official accepts, rejects,
apply all amounts already paid under the
returns or acknowledges withdrawal of
offer against the original amount of the
the offer in writing. If I/we appeal an IRS
tax liability
rejection decision on the offer, the IRS will
file suit or levy to collect the original
continue to treat the offer as pending until
amount of the tax liability, without further
the Appeals Office accepts or rejects the
notice of any kind.
offer in writing. If I/we don’t file a protest
within 30 days of the date the IRS notifies
me/us of the right to protest the decision,
(p) The IRS generally files a Notice of Federal
I/we waive the right to a hearing before
Tax Lien to protect the Government’s
the Appeals Office about the offer in
interest on deferred payment offers. This
compromise.
tax lien will be released when the payment
terms of the offer agreement have been
(n) The waiver and suspension of any statutory
satisfied.
periods of limitation for assessment of the
tax liability described in Item 5, continue to
(q) I/we understand that Internal Revenue
apply:
Service employees may contact third
parties in order to respond to this request,
while the offer is pending [see (m) above]
and I authorize such contacts to be made.
during the time I/we have not paid all of
Further, by authorizing the Internal Revenue
the amount offered
Service to contact third parties, I understand
during the time I/we have not completed
that I will not receive notice pursuant to
all terms and conditions of the offer
section 7602(c) of the Internal Revenue
Code of third parties contacted in connection
for one additional year beyond each
with this request.
of the time periods identified in this
paragraph
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