Get the free Collection Information Statement for Businesses - tax ny

New York State E-File Signature Authorization for Tax Year 2013 For Form s NYS-1 and NYS-45 Electronic return originator ERO /paid preparer do not mail this form to the Tax Department. Keep it for your records. Legal name of company Return type mark all that apply NYS-1 Purpose Form TR-579-WT must be completed to authorize an ERO to e-file Form NYS-1 Return of Tax Withheld and/or Form NYS-45 Quarterly Combined Withholding Wage Reporting and Unemp...

How to fill out collection information statement for

How to fill out a collection information statement:

1. Gather all necessary documents: Before starting the process, make sure you have all the required documents at hand. This may include bank statements, pay stubs, tax returns, and any other financial records.
2. Begin with personal information: Fill out the personal information section of the collection information statement. This typically includes your name, address, contact information, and social security number.
3. Provide employment details: Include information about your current job or source of income. This may include your employer's name, address, contact information, and your job title.
4. List your assets: In this section, you will need to provide details about your assets, such as properties, vehicles, bank accounts, and investments. Include the current value and any outstanding debts or loans associated with each asset.
5. Detail your monthly income and expenses: List your monthly income from all sources, including salary, bonuses, investments, rental income, etc. Next, outline your monthly expenses, including rent/mortgage, utilities, groceries, transportation, insurance, and any other regular bills.
6. Include information about debts and liabilities: Provide details about any outstanding debts, loans, or liabilities you may have. This includes credit card debt, student loans, medical bills, and any other financial obligations.
7. Explain your financial hardship: If you are experiencing financial hardship that impacts your ability to repay debts, explain it clearly in this section. Provide supporting documentation if available, such as medical bills or termination letters.
8. Sign and submit the statement: Review the completed collection information statement thoroughly, ensuring that all information is accurate and complete. Once satisfied, sign and date the statement. Submit it to the appropriate party, such as a creditor, debt collector, or court, as required.

Who needs a collection information statement?

1. Individuals facing debt collection: If you are being pursued by creditors for unpaid debts, they may require you to fill out a collection information statement. This statement provides them with a comprehensive view of your financial situation, helping them assess your ability to repay the debt.
2. Bankruptcy filers: When filing for bankruptcy, you will likely be required to submit a collection information statement as part of the bankruptcy petition. This statement assists the bankruptcy court in evaluating your financial circumstances and determining the appropriate resolution.
3. Individuals negotiating settlements: If you are negotiating debt settlements with creditors, they may request a collection information statement to assess your financial position and determine a suitable settlement amount.

In summary, filling out a collection information statement involves providing personal information, employment details, asset and liability information, monthly income and expenses, and explaining any financial hardship. This statement is typically required by creditors, bankruptcy courts, or during debt settlement negotiations.

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What is collection information statement for?

The collection information statement is used to provide financial information to the IRS and assess a taxpayer's ability to pay their tax debt.

Who is required to file collection information statement for?

Taxpayers who owe taxes and are unable to pay the full amount may be required to file a collection information statement.

How to fill out collection information statement for?

The collection information statement can be filled out by providing detailed financial information such as income, expenses, assets, and liabilities.

What is the purpose of collection information statement for?

The purpose of the collection information statement is to help the IRS determine the taxpayer's ability to pay, and to establish a payment arrangement if needed.

What information must be reported on collection information statement for?

Information such as income, expenses, assets, liabilities, and any other relevant financial information must be reported on the collection information statement.