LA R-20212 2019-2025 free printable template

A Publication of the Louisiana Department of Revenue Offer in Compromise Program P.O. Box 201 Baton Rouge, Louisiana 708210201 Form R20212 (10/19)Louisiana Department of RevenueOffer in Compromise

How to fill out offer in compromise program

How to fill out LA R-20212

1. Gather all necessary financial documents, including income statements and expense records.
2. Obtain the LA R-20212 form from the official state website or local tax office.
3. Carefully read the instructions provided with the form to understand the requirements.
4. Fill in your personal information, including your name, address, and Social Security number.
5. Input your income information in the designated fields, ensuring accuracy.
6. List any adjustments or deductions applicable to your financial situation.
7. Review all filled sections for completeness and correctness.
8. Sign and date the form as required before submission.
9. Submit the completed form by the deadline, either electronically or via mail.

Who needs LA R-20212?

1. Individuals or entities who are filing taxes in the specified jurisdiction.
2. Taxpayers needing to report specific income or claim deductions.
3. Anyone eligible for tax credits or wanting to ensure compliance with local tax laws.

Instructions and Help about offer in compromise program

You my name is Jim de metric from Demerit Montaño and associates we're tax specialists who were very specialized we represent people in businesses who are in trouble with the IRS every one of our clients owes the IRS from ten thousand dollars up to two or three million most clients always asked me about the offering compromise, or you've seen it on TV pennies on the dollar it looks like everybody grows taxes gets the pennies on the dollar well that's just not true in 2010 the IRS only accepted 14,000 offers in compromise in all the United States that's only three or four hundred per state so in reality the offering compromise is very difficult to negotiate first it takes six months to a year to get through the IRS system sometimes longer than a year, and it's based on very finite facts number one the IRS looks at your assets do you have equity in those assets can you borrow on the assets or if it's an asset you don't need to can you sell the asset to pay your taxes so the first thing they look at is your equity and assets the next thing they look at is your monthly income and monthly expenses they'll look at your paychecks and pay stubs in your bank statements to determine your average monthly income then they will look at your monthly expenses your rent your utilities your car payment your house payment all of your monthly expenses that are necessary for the health and welfare of your family but in some of those expenses the IRS will only allow certain specific amounts your rent may be 2,000 a month, but they may only allow in a month you may have a car payment that's $650 a month, but they will only allow 496 per month you may have very high medical expenses, and they will allow all of them as long as you can prove all of those expenses, so some expenses have an allowable amount some it's whatever you spend they will compare this to your monthly income to see how much you have left over you may have a hundred a month left over or two or three hundred a month left over but then for an offering to compromise they multiply that monthly amount by 48 so if you have a hundred a month left over that's 48 hundred dollars in an offer and compromise if you have two hundred months left over that's ninety-six hundred that goes with that equity that we talked about that you may have to determine the offering compromise amount so as you can see the offering top might is very difficult and that's why the IRS doesn't grant very many of them each year but if you do qualify we will do the best we can to get your offer and compromise accepted the worst thing to do is procrastinate pick up the phone today call us today, so we can help you today

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What is LA R-20212?

LA R-20212 is a tax form used in Louisiana for reporting various types of income and expenses related to business and personal tax obligations.

Who is required to file LA R-20212?

Individuals and businesses that have taxable income in Louisiana are required to file LA R-20212.

How to fill out LA R-20212?

To fill out LA R-20212, gather all necessary financial documents, follow the step-by-step instructions provided in the form, including entering your income, deductions, and any applicable credits.

What is the purpose of LA R-20212?

The purpose of LA R-20212 is to report income, manage tax liabilities, and ensure compliance with state tax laws in Louisiana.

What information must be reported on LA R-20212?

LA R-20212 requires reporting personal and business income, deductions, tax credits, and any other financial information relevant to tax calculation.