The Internal Revenue Service announced that its revised taxpayer application for an offer in compromise, Form 656, is now available.

An offer in compromise is an agreement between a taxpayer and the agency that resolves the taxpayer's tax liability. Under certain circumstances, the IRS has the authority to settle tax liabilities by accepting less-than-full payment. The Form 656 package was last revised in 2004 to help taxpayers prepare an offer correctly and completely.

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