Get the free Offer-in-Compromise Form For Liabilities ... - New York City

New York City Department of Finance Collections DivisionOfferinCompromise For Liabilities Not Fixed and Final, and Subject to Administrative Reviewer DOF OIC4Use Form DOF OIC4.1 instead if you have

How to fill out offer-in-compromise form for liabilities

How to fill out offer-in-compromise form for liabilities

1. Gather all necessary financial documents, such as bank statements, pay stubs, and tax returns.
2. Complete Form 656, Offer in Compromise.
3. Fill out the required sections of Form 656, including personal information, tax liabilities, and proposed offer amount.
4. Attach supporting documents and any relevant explanations or justifications.
5. Review the completed form and supporting documents for accuracy and completeness.
6. Sign and date the form.
7. Submit the completed form, supporting documents, and required fee to the appropriate IRS address.
8. Keep a copy of the completed form and supporting documents for your records.

Who needs offer-in-compromise form for liabilities?

1. Individuals or businesses who are unable to pay their tax liabilities in full may need to fill out an offer-in-compromise form.

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What is offer-in-compromise form for liabilities?

Offer-in-compromise form for liabilities is a proposal made by a taxpayer to the IRS to settle tax liabilities for less than the full amount owed.

Who is required to file offer-in-compromise form for liabilities?

Taxpayers who are unable to pay their full tax liabilities and meet certain eligibility requirements may be required to file an offer-in-compromise form for liabilities.

How to fill out offer-in-compromise form for liabilities?

Taxpayers can fill out the offer-in-compromise form for liabilities by providing detailed financial information, proposing a settlement amount, and submitting all required documentation to the IRS.

What is the purpose of offer-in-compromise form for liabilities?

The purpose of offer-in-compromise form for liabilities is to provide taxpayers with a way to resolve their tax debts and avoid more severe collection actions by the IRS.

What information must be reported on offer-in-compromise form for liabilities?

Taxpayers must report detailed financial information, proposed settlement amount, and supporting documentation such as income, expenses, assets, and debts on the offer-in-compromise form for liabilities.