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Department of Revenue Services Collection & Enforcement 25 Sigourney Street Hartford CT 06106 Form CT-656a Offer of Compromise Rev. 03/08 Name, DBA, and Address of Taxpayer(s) Date of Birth Number

How to fill out offer of compromise ct

Who needs ct-656a offer of compromise?

1. Taxpayers who are unable to pay their tax liabilities in full and want to negotiate a settlement with the Internal Revenue Service (IRS).
2. Individuals or businesses who have a valid reason for not being able to pay their taxes, such as financial hardship or other extenuating circumstances.
3. Taxpayers who have received a notice from the IRS regarding their unpaid taxes and wish to explore the option of settling their debt through an offer of compromise.

How to fill out ct-656a offer of compromise:

1. Begin by downloading the ct-656a form from the official IRS website or obtain a hard copy from a local IRS office. Ensure that you have the most recent version of the form.
2. Read the instructions on the form carefully to understand the eligibility requirements, necessary documentation, and the process of completing the offer of compromise.
3. Provide your personal information, including your name, Social Security number or Employer Identification Number (EIN), address, and contact details.
4. Indicate the type of tax liability you are seeking to settle, such as income tax, employment tax, or excise tax.
5. Calculate your total tax liability. This involves determining the amount of tax owed, as well as any penalties and interest that have accrued.
6. Determine the amount you are offering to pay as a compromise. This should be based on your financial situation and ability to pay. The offer amount should be reasonable and reflect your current income, assets, and expenses.
7. Prepare a detailed explanation of your financial circumstances. This should include information about your income, expenses, assets, and liabilities. Be honest and provide supporting documentation, such as bank statements, pay stubs, and proof of monthly expenses.
8. Complete the section regarding reasons for the offer of compromise. Explain why you are unable to pay the full amount owed and why the IRS should consider accepting your offer.
9. Sign and date the form, certifying the accuracy of the information provided.
10. Submit the completed ct-656a form, along with all required documentation, to the appropriate IRS office as instructed in the form's instructions. Keep a copy of the form and supporting documents for your records.
11. Wait for the IRS to review your offer of compromise. This process may take several months. The IRS will inform you of their decision in writing. If your offer is accepted, you will need to fulfill the terms of the agreement. If it is rejected, you may have the option to appeal the decision or explore alternative payment options.

Remember to consult a tax professional or seek assistance from the IRS if you have any doubts or questions about completing the ct-656a offer of compromise form.

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What is ct-656a offer of compromise?

The ct-656a offer of compromise is a form used by taxpayers to propose a settlement with the IRS for their tax liability.

Who is required to file ct-656a offer of compromise?

Taxpayers who are unable to pay their full tax debt may be eligible to file a ct-656a offer of compromise.

How to fill out ct-656a offer of compromise?

Taxpayers must provide detailed financial information, including income, expenses, assets, and liabilities, when filling out the ct-656a offer of compromise form.

What is the purpose of ct-656a offer of compromise?

The purpose of the ct-656a offer of compromise is to allow taxpayers to settle their tax debt for less than the full amount owed, based on their financial situation.

What information must be reported on ct-656a offer of compromise?

Taxpayers must report detailed financial information, including income, expenses, assets, and liabilities, when submitting the ct-656a offer of compromise form.