Get the free CT-656, Offer of Compromise. Offer of Compromise

Department of Revenue Services State of Connecticut 25 Sigourney Street Hartford CT 06106 Form CT656 Offer of Compromise Rev. 09/04 Name, DBA, and Address of Taxpayer(s) Date of Birth Number of dependents

How to fill out ct-656 offer of compromise

How to fill out ct-656 offer of compromise

1. Read the instructions carefully before starting to fill out the CT-656 Offer of Compromise form.
2. Provide your personal information, including your name, address, and Social Security number.
3. Include the tax period or periods related to this offer of compromise.
4. Calculate your total tax liability by adding up the unpaid taxes, penalties, and interest.
5. Determine the offer amount you can afford to pay.
6. Fill out the financial statement section, including your income, expenses, assets, and liabilities.
7. Attach any supporting documentation that validates your financial situation.
8. Review your completed CT-656 form for accuracy and completeness.
9. Sign and date the form along with any applicable authorizations.
10. Submit the form along with any required payment or supporting documents to the appropriate tax authority.

Who needs ct-656 offer of compromise?

1. Individuals who have outstanding tax debt and are unable to pay the full amount.
2. Taxpayers who are experiencing financial hardship and are unable to meet their tax obligations.
3. People who want to negotiate a settlement with the tax authority to reduce their tax debt.
4. Individuals who believe they qualify for an offer in compromise based on their financial situation.

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What is ct-656 offer of compromise?

The ct-656 offer of compromise is a formal proposal submitted by a taxpayer to the IRS to settle a tax debt for less than the full amount owed.

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

Taxpayers who are unable to pay their full tax debt and meet certain eligibility requirements set by the IRS are required to file a ct-656 offer of compromise.

How to fill out ct-656 offer of compromise?

To fill out a ct-656 offer of compromise, taxpayers must provide detailed financial information, including income, expenses, assets, and liabilities, as well as any supporting documentation requested by the IRS.

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

The purpose of a ct-656 offer of compromise is to allow taxpayers who are experiencing financial hardship to settle their tax debt with the IRS for an amount that is less than the full amount owed.

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

Information reported on a ct-656 offer of compromise includes detailed financial statements, supporting documentation of income, expenses, assets, and liabilities, as well as any other information requested by the IRS.