Virginia offer in compromise business form 2026

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The document outlines the Offer in Compromise process for businesses in Virginia, allowing them to settle tax liabilities, interest, and penalties with the Department of Taxation. It includes a request form for businesses to submit their offers based on reasons such as doubt of collectibility or liability, along with necessary financial information and supporting documents. The document also details terms and conditions for acceptance, review procedures, and contact information for assistance.

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How to use or fill out Virginia Offer in Compromise Business Form

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Click ‘Get Form’ to open it in the editor.
Begin by entering the 'Name of Business' and 'FEIN' in the designated fields. Ensure that your business address is accurately filled out.
Indicate your Virginia Account Number and Telephone Number. If your business operates under a different name, include that as well.
In the section for tax periods, specify the types of taxes you are settling (Sales Tax, Withholding Tax, Corporate Tax) and provide the relevant periods.
State the amount you are offering to pay and attach any necessary payment documentation if applicable.
Select the reason for your offer from the options provided (Doubt As To Collectibility, Doubt As To Liability, Request For Waiver Of Penalty) and attach supporting documents as required.
Complete the signature section with taxpayer signatures and dates. Ensure all contact information is accurate for follow-up.

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What is the Virginia form R5 for?

Nonresident Real Property Owners should complete Form R-5. Partnerships, S-Corporations, Estates, and Trusts must provide the information on all nonresident partners, shareholders, and beneficiaries on Form R-5P. Substitute schedules may be used provided they follow the same format.

What does IRS need in determining an Offer in Compromise?

First, the IRS can accept a compromise if there is doubt as to liability. A compromise meets this criterion only when theres a genuine dispute as to the existence or amount of the correct tax debt under the law. Second, the IRS can accept a compromise if there is doubt that the amount owed is fully collectible.

What is Virginia form 500?

Every corporation that is incorporated under Virginia law, or that has registered with the State Corporation Commission for the privilege of conducting business in Virginia, or that receives income from Virginia sources, must file a Virginia corporation income tax return (Form 500).

Where to find Virginia form 760?

Individual Form 760 and Instructions are available on the Virginia Department of Taxation website.

Can a business do an Offer in Compromise?

Yes. For open businesses, all partners must submit an OIC application and make full disclosure of their business and personal financial information in order to be considered for an OIC.

How to submit an Offer in Compromise to the SBA?

How do I submit an Offer in Compromise? An SBA Form 1150 - Offer in Compromise (OIC) and either SBA Form 770 (Financial Statement of Debtor) or a business financial statement are required for every person or entity wishing to be compromised.

Who is eligible for Offer in Compromise?

Youre eligible to apply for an offer in compromise if you: Filed all required tax returns and made all required estimated payments. Arent in an open bankruptcy proceeding. Have a valid extension for a current year return (if applying for the current year).

Virginia offer in compromise business form 2026

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