Fillable Form 656 - Offer In Compromise (Page 2 of 4) in pdf

Item 8 — By submitting this offer, I

we have

read, understand and agree to the following

conditions:

(a) I

We voluntarily submit all payments made

IRS may not consider this offer if I

on this offer.

refuse to waive the statutory periods for

assessment or if we provide only a limited

(b) The IRS will apply payments made under

waiver. I

We understand that the statute of

the terms of this offer in the best interest

limitations for collection will be suspended

of the government.

during the period an offer is considered

pending by the IRS (paragraph 8(m) defines

pending). The amount of any Federal tax

withdraw the offer, the IRS will return any

due for the periods described in Item 5

amount paid with the offer. However, I

may be assessed at any time prior to the

understand the application fee will be kept

acceptance of this offer or within one year

by the IRS. If I

we agree in writing, IRS will

of the rejection of this offer.

apply the amount paid with the offer to the

amount owed. If I

we agree to apply the

(f)

The IRS will keep all payments and credits

payment, the date the IRS received the

made, received or applied to the total original

offer remittance will be considered the date

tax liability before submission of this offer.

of payment. I

We understand that the IRS

The IRS may keep any proceeds from a levy

will not pay interest on any amount I

served prior to submission of the offer,

submit with the offer.

but not received at the time the offer is

submitted. If I

we have an installment

(d) I

We will comply with all provisions of

agreement prior to submitting the offer,

the Internal Revenue Code relating to

we must continue to make the payments

filing my

our returns and paying my

our

as agreed while this offer is pending.

required taxes for 5 years or until the

Installment agreement payments will not

offered amount is paid in full, whichever

be applied against the amount offered.

is longer. In the case of a jointly submitted

offer to compromise joint tax liabilities,

(g) As additional consideration beyond the

we understand that default with

amount of my

our offer, the IRS will keep

respect to the compliance provisions

any refund, including interest, due to me

described in this paragraph by one party

us because of overpayment of any tax or

to this agreement will not result in the

other liability, for tax periods extending

default of the entire agreement. The

through the calendar year that the IRS

default provisions described in Item 8(n)

accepts the offer. I

We may not

of this agreement will be applied only

designate an overpayment ordinarily

to the party failing to comply with

subject to refund, to which the IRS is

the requirements of this paragraph.

entitled, to be applied to estimated tax

This provision does not apply to offers

payments for the following year. This

based on Doubt as to Liability.

condition does not apply if the offer is

based on Doubt as to Liability.

(e) I

We waive and agree to the suspension of

any statutory periods of limitation (time

(h) I

We will return to the IRS any refund

limits provided for by law) for the IRS

identified in (g) received after submission

assessment or collection of the tax liability

of this offer. This condition does not apply

for the periods identified in Item 5. I

to offers based on Doubt as to Liability.

understand that I

we have the right not to

waive these statutory periods or to limit the

(i)

The IRS cannot collect more than the full

waiver to a certain length or to certain

amount of the tax liability under this offer.

issues. I

We understand, however, that the

Form 656 - Offer In Compromise Page 2

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