TTB Form 5640.1 Offer in Compromise for Internal Revenue Code (IRC) Violations

What Is TTB Form 5640.1?

This is a legal form that was released by the U.S. Department of the Treasury - Alcohol and Tobacco Tax and Trade Bureau on September 1, 2014 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is TTB Form 5640.1?A: TTB Form 5640.1 is the Offer in Compromise form used for resolving Internal Revenue Code (IRC) violations.

Q: What is an Offer in Compromise?A: An Offer in Compromise is a program that allows taxpayers who cannot pay their tax debt in full to settle for a reduced amount.

Q: What is an Internal Revenue Code (IRC) violation?A: An Internal Revenue Code (IRC) violation refers to a violation of the tax laws and regulations established by the Internal Revenue Service (IRS).

Q: Who can use TTB Form 5640.1?A: TTB Form 5640.1 can be used by individuals or businesses who have violated the Internal Revenue Code and wish to resolve their tax debt through an Offer in Compromise.

Q: How do I fill out TTB Form 5640.1?A: To fill out TTB Form 5640.1, you will need to provide information about your tax debt, financial situation, and proposed offer amount. It is recommended to seek guidance from a tax professional or IRS agent when completing the form.

Q: What happens after submitting TTB Form 5640.1?A: After submitting TTB Form 5640.1, the IRS will review your offer and determine if it is acceptable. They may request additional information or negotiate the offer amount. If accepted, you will be required to fulfill the terms of the accepted offer to resolve your tax debt.