Get the free CT-656a, Offer of Compromise - CT.gov - cultureandtourism

Department of Revenue Services Collection & Enforcement 25 Sigourney Street Hartford CT 06106 Form CT-656a Offer of Compromise Rev. 03/08 Requirements 1. Complete the entire application; do not leave

How to fill out ct-656a offer of compromise

Who needs ct-656a offer of compromise?

1. Individuals with outstanding tax liabilities: The ct-656a offer of compromise is relevant for individuals who have unpaid taxes or outstanding tax liabilities. It provides them with an opportunity to settle their tax debt for less than the full amount owed.
2. Taxpayers experiencing financial hardship: Those individuals who are facing financial difficulties and are unable to pay their taxes in full may benefit from the ct-656a offer of compromise. It allows them to make a reduced payment based on their current financial situation.
3. Individuals with potential for collection issues: Taxpayers who have reasons to believe that they may face difficulties in collecting the full amount owed, such as job loss or business closure, can consider filing a ct-656a offer of compromise to resolve their tax debt.

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

1. Gather necessary documents: Begin the process by collecting all the required documentation, including tax returns, income statements, bank statements, and any other supporting financial documents specified in the offer package.
2. Determine eligibility: Review the eligibility criteria outlined in the instructions for ct-656a offer of compromise. Ensure that you meet the necessary requirements before proceeding further.
3. Complete form sections: Fill out all sections of form ct-656a accurately and completely. Provide your personal information, including your full name, social security number, address, and contact details.
4. Provide financial information: In the financial section, disclose detailed information about your income, assets, expenses, and liabilities. This includes employment details, non-employment income, property ownership, and any other relevant financial information.
5. Calculate offer amount: Use the guidelines provided in the instructions to calculate a reasonable offer amount. This involves determining your reasonable collection potential (RCP) by considering your monthly disposable income, asset equity, and potential future income.
6. State the basis of the offer: Explain the specific reasons and circumstances that support your offer amount. This could include financial hardship, medical issues, or any other relevant factors that impact your ability to pay the full tax debt.
7. Submit supporting documentation: Include any supporting documents that validate the information provided in your offer. This might include pay stubs, medical bills, proof of unemployment, or other financial records.
8. Sign and date the form: Ensure that you sign and date the ct-656a offer of compromise. Failure to do so may result in delays or rejection of your offer.
9. Review before submission: Carefully review the completed form, ensuring that all information is accurate and all required sections are filled out correctly.
10. Submit the offer: Send the completed ct-656a offer of compromise form, along with any supporting documentation, to the appropriate Internal Revenue Service (IRS) location as indicated in the instructions.

Note: It is recommended to consult a tax professional or seek assistance from the IRS for any specific questions or guidance regarding the ct-656a offer of compromise.

For pdfFiller’s FAQs

What is ct-656a offer of compromise?

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

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

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

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

Taxpayers can fill out ct-656a offer of compromise by providing accurate financial information, details of tax debt, and proposing a reasonable settlement amount.

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

The purpose of ct-656a offer of compromise is to help taxpayers resolve their tax debts by offering a settlement amount that they can afford to pay.

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

Taxpayers must report their financial information, details of tax debt, income, expenses, assets, and liabilities on ct-656a offer of compromise.

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