CO online Form 656 2024-2025

CO online Form 656: What You Should Know

Offer In Compromise of Tax Liability | Department of Revenue The IRS has already received a payment for its interest or other amount due, and has begun payment of the amount due. A copy of the Form 656 received by the Department of  Records does not indicate the amount due at this time. It simply indicates the IRS completed its portion of your application and the other portion is  Completed. A copy of the IRS completed form is located in the  Form 656 Booklet: Instructions for Requesting an Offer in Compromise A copy of the IRS completed form is located in the Offer In Compromise Form 656 booklet You may also check with your accountant to see if the IRS has received a refund. The state's application fee and application fee must be included with your OIC. When the state sends you the tax liability amount, we will subtract the offer liability from the tax liability amount. If you do not have a complete amount to your knowledge, your offer in compromise will be reduced to zero. This is the only opportunity for the state to reduce your offer in compromise to zero, and you can request reopening if you cannot make it on your next scheduled payment. You can receive a refund for your offer in compromise if you pay it within one year of your offer in compromise being reduced to zero. You can check with your accountants to see if you will have a tax refund in the new year. If you want more information about the Offer In Compromise form, please refer to the tax form instructions. If the state is making a settlement offer or if a settlement offer is being refused, please contact the tax assessor. The Colorado Department of Revenue may have other forms to complete.

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