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Odor () offer-in-compromise statement of offer Arizona department of revenue taxpayer name(s), DBA, or corporate name street address city, state, zip code

How to fill out offer-in-compromise statement of offer

How to fill out offer-in-compromise statement of offer:

1. Gather all necessary documents and information, such as tax returns, financial statements, and proof of income.
2. Carefully review the instructions provided by the tax authority or agency that issued the offer-in-compromise statement of offer.
3. Provide accurate and complete personal information, including your name, address, and Social Security number.
4. Clearly state the tax period and tax type for which you are submitting the offer-in-compromise statement of offer.
5. Calculate your total tax liability, including any interest and penalties that have accumulated.
6. Determine the amount you can afford to pay and propose an offer-in-compromise amount that is realistic but lower than your total tax liability.
7. Include a detailed explanation of your financial situation, such as any hardships or circumstances that have made it challenging for you to pay your taxes.
8. Provide supporting documentation for your financial situation, such as bank statements, pay stubs, and medical bills.
9. Sign and date the offer-in-compromise statement of offer, certifying that the information provided is true and accurate.
10. Submit the completed offer-in-compromise statement of offer and any required fees to the appropriate tax authority or agency.

Who needs offer-in-compromise statement of offer:

1. Individuals who are unable to pay their full tax liability and want to negotiate a settlement with the tax authority or agency.
2. Businesses that are facing financial hardship and cannot fulfill their tax obligations.
3. Taxpayers who believe they have a valid reason to dispute the amount of tax owed and are seeking a compromise with the tax authority or agency.

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What is offer-in-compromise statement of offer?

An offer-in-compromise statement of offer is a formal proposal to settle a tax debt for less than the full amount owed.

Who is required to file offer-in-compromise statement of offer?

Taxpayers who are unable to pay their full tax liability and meet certain eligibility requirements may file an offer-in-compromise.

How to fill out offer-in-compromise statement of offer?

Taxpayers must complete Form 656, Offer in Compromise, and provide detailed financial information to support their offer.

What is the purpose of offer-in-compromise statement of offer?

The purpose of an offer-in-compromise is to enable taxpayers to settle their tax debts for an amount they can afford to pay.

What information must be reported on offer-in-compromise statement of offer?

Taxpayers must report their income, expenses, assets, and liabilities on the offer-in-compromise statement.