Get the free Offer in Compromise program - Department of Taxation and ...

Form 2000 4Arkansas Department of Finance and Administration Settlement or Compromise of Tax LiabilitySubmit this Form and other items listed in the checklist on page 6 via postal mail to the following

How to fill out offer in compromise program

How to fill out offer in compromise program

1. Step 1: Gather all necessary financial documents, such as tax returns, bank statements, and pay stubs.
2. Step 2: Determine your eligibility for the offer in compromise program by using the IRS pre-qualification tool.
3. Step 3: Complete Form 656, Offer in Compromise. Provide accurate and detailed information about your financial situation and the amount you are proposing to settle with.
4. Step 4: Prepare supporting documents to justify your proposed settlement amount.
5. Step 5: Calculate and submit the required payment with your offer in compromise application. This can be done through a lump sum payment or in monthly installments.
6. Step 6: Review and double-check your application form to ensure accuracy and completeness.
7. Step 7: Submit your offer in compromise application and payment to the IRS. Keep a copy for your records.
8. Step 8: Wait for the IRS to review your application. This process can take several months.
9. Step 9: If your offer in compromise is accepted, follow the terms of the agreement and make timely payments. If it is rejected, you have the option to appeal the decision.

Who needs offer in compromise program?

1. Individuals who are unable to pay their tax liabilities in full and have exhausted other payment options may benefit from the offer in compromise program.
2. Taxpayers who have a legitimate doubt about their ability to pay their tax debts or those who can demonstrate that full payment of the tax debt would cause financial hardship may also qualify.
3. Businesses and self-employed individuals with overwhelming tax debts and no foreseeable means to repay may also consider the offer in compromise program.

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What is offer in compromise program?

The Offer in Compromise program allows taxpayers to settle their tax debt for less than the full amount owed.

Who is required to file offer in compromise program?

Taxpayers who are unable to pay their full tax debt or if doing so would create a financial hardship.

How to fill out offer in compromise program?

Taxpayers need to complete Form 656, Offer in Compromise, and provide detailed information about their financial situation.

What is the purpose of offer in compromise program?

The purpose is to help taxpayers settle their tax debt and avoid more serious consequences such as liens or levies.

What information must be reported on offer in compromise program?

Taxpayers must report their income, expenses, assets, and liabilities to determine their ability to pay.