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OMB No. 21060005 Expires 01/31/2020Paperwork Reduction Act Statement A federal agency may not conduct or sponsor, and a person is not required to respond to, nor shall a person be subject to a penalty
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Collection IS refers to a specific process or form used for gathering information regarding a taxpayer's financial situation or tax liability.
Individuals or entities with outstanding tax liabilities or those under audit by the tax authorities may be required to file collection IS.
To fill out collection IS, one must provide accurate financial information, including income, expenses, assets, and liabilities, as per the guidelines provided by the tax authority.
The purpose of collection IS is to assess the taxpayer's financial situation to determine their ability to pay outstanding tax liabilities.
Information that must be reported typically includes personal identification details, income sources, monthly expenses, assets, and debts.
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