Get the free Boffer-in-compromiseb agreement - Ohio Attorney General - ohioattorneygeneral

Collections Enforcement Office 6144668360 Fax 6147529070 150 East Gay Street, 21st Floor Columbus, Ohio 43215 www.OhioAttorneyGeneral. Gov SAMPLE DOCUMENT ONLY OFFERINCOMPROMISE AGREEMENT This OfferInCompromiseAgreement

How to fill out boffer-in-compromiseb agreement - ohio

How to fill out an Offer-in-Compromise agreement in Ohio:

1. Start by gathering all necessary documents: Before filling out the Offer-in-Compromise (OIC) agreement, you will need to gather various documents such as tax returns, pay stubs, bank statements, and any other financial records requested by the Ohio Department of Taxation.
2. Complete Form ODT Form 656-B: The ODT Form 656-B is the Offer-in-Compromise application specific to Ohio. This form requires you to provide personal information, tax debt details, and financial information on your assets, liabilities, and monthly income and expenses.
3. Include supporting documentation: Along with the completed Form 656-B, you must also attach supporting documentation to substantiate the details provided in the application. This may include bank statements, pay stubs, mortgage statements, and any other relevant financial documents.
4. Calculate your Offer-in-Compromise amount: Once you have completed the necessary forms and attached the supporting documentation, you will need to determine the offer amount you are proposing to settle your tax debt. This is typically based on your reasonable collection potential, which considers your current financial situation and ability to pay.
5. Submit your OIC agreement: Once the application and supporting documents are prepared, mail them to the Ohio Department of Taxation at the address provided on the Form 656-B. Make sure to keep copies of all documents for your records.

Who needs an Offer-in-Compromise agreement - Ohio?

An Offer-in-Compromise agreement in Ohio is primarily needed by taxpayers who are unable to pay their outstanding tax debt in full and want to negotiate a settlement with the Ohio Department of Taxation. It is suitable for individuals and businesses that:

1. Have a genuine inability to pay their tax debt in full within a reasonable timeframe.
2. Can demonstrate financial hardship or extenuating circumstances that make it difficult to fulfill their tax obligations.
3. Are willing to work with the tax authorities to resolve their debt in a mutually agreeable manner.
4. Have explored other payment options, such as installment agreements, but found them unfeasible.

It's important to note that not everyone qualifies for an Offer-in-Compromise, and each case is evaluated based on its individual merits. Consulting with a tax professional or contacting the Ohio Department of Taxation for guidance specific to your situation is advisable.

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What is boffer-in-compromiseb agreement - ohio?

An Offer in Compromise (OIC) agreement in Ohio is a settlement between a taxpayer and the state tax authority to resolve a tax debt for less than the full amount owed.

Who is required to file boffer-in-compromiseb agreement - ohio?

Taxpayers in Ohio who have outstanding tax debts and are unable to pay the full amount owed may be eligible to file an Offer in Compromise agreement.

How to fill out boffer-in-compromiseb agreement - ohio?

To fill out an Offer in Compromise agreement in Ohio, taxpayers must submit the necessary forms and documentation to the state tax authority, detailing their financial situation and proposed settlement.

What is the purpose of boffer-in-compromiseb agreement - ohio?

The purpose of an Offer in Compromise agreement in Ohio is to provide taxpayers with a path to resolve their tax debts and achieve compliance with state tax laws.

What information must be reported on boffer-in-compromiseb agreement - ohio?

Taxpayers must report their income, assets, expenses, and any other relevant financial information on the Offer in Compromise agreement in Ohio.