Connecticut Closing Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9432
• Format: Word; Rich Text

Description

Closing Agreement between NetRatings, Inc. and Nielsen Media Research, Inc. setting forth the closing procedures for additional investments dated December 21, 1999. 2 pages. Connecticut Closing Agreements refer to legal agreements made between the taxpayer and the Connecticut Department of Revenue Services (DRS) to settle a tax dispute. These agreements are designed to provide taxpayers with a means to resolve their tax liabilities and avoid prolonged litigation. A Connecticut Closing Agreement typically arises when a taxpayer and the DRS are unable to reach a resolution through regular administrative channels or during an audit. This agreement can be reached at any stage of the dispute, including during the appeals process or even after the case has been brought to court. Through a Closing Agreement, the taxpayer and the DRS agree to a settlement amount, which may be for less than the originally assessed tax liability. This allows the taxpayer to resolve the dispute without incurring additional legal costs or the uncertainty of a lengthy legal battle. There are several types of Connecticut Closing Agreements, including: 1. Connecticut Closing Agreement Program (CCAP): This program provides taxpayers an opportunity to voluntarily resolve their tax disputes by submitting a proposal to the DRS. If accepted, the taxpayer and the DRS negotiate and enter into a Closing Agreement to settle the dispute. 2. Offers in Compromise (OIC): This type of Closing Agreement allows taxpayers to settle their outstanding tax debts for less than the full amount owed. A taxpayer must demonstrate financial hardship and an inability to pay the full tax liability to be eligible for an OIC. 3. Installment Payment Agreements (IPA): In some cases, taxpayers may not be able to pay their tax debts in full immediately. With an IPA, taxpayers can enter into an agreement with the DRS to make regular monthly payments over an extended period until the debt is fully paid off. 4. Voluntary Disclosure Agreements (VDA): These agreements are available to taxpayers who voluntarily disclose any previously unreported or underreported tax liabilities. By coming forward, taxpayers can avoid penalties and potential criminal prosecution. In conclusion, Connecticut Closing Agreements allow taxpayers to achieve a mutually agreed resolution with the DRS for their tax disputes. The various types of agreements, such as CCAP, OIC, IPA, and VDA, offer different avenues for taxpayers to settle their tax liabilities based on their specific circumstances.

Connecticut Closing Agreements refer to legal agreements made between the taxpayer and the Connecticut Department of Revenue Services (DRS) to settle a tax dispute. These agreements are designed to provide taxpayers with a means to resolve their tax liabilities and avoid prolonged litigation. A Connecticut Closing Agreement typically arises when a taxpayer and the DRS are unable to reach a resolution through regular administrative channels or during an audit. This agreement can be reached at any stage of the dispute, including during the appeals process or even after the case has been brought to court. Through a Closing Agreement, the taxpayer and the DRS agree to a settlement amount, which may be for less than the originally assessed tax liability. This allows the taxpayer to resolve the dispute without incurring additional legal costs or the uncertainty of a lengthy legal battle. There are several types of Connecticut Closing Agreements, including: 1. Connecticut Closing Agreement Program (CCAP): This program provides taxpayers an opportunity to voluntarily resolve their tax disputes by submitting a proposal to the DRS. If accepted, the taxpayer and the DRS negotiate and enter into a Closing Agreement to settle the dispute. 2. Offers in Compromise (OIC): This type of Closing Agreement allows taxpayers to settle their outstanding tax debts for less than the full amount owed. A taxpayer must demonstrate financial hardship and an inability to pay the full tax liability to be eligible for an OIC. 3. Installment Payment Agreements (IPA): In some cases, taxpayers may not be able to pay their tax debts in full immediately. With an IPA, taxpayers can enter into an agreement with the DRS to make regular monthly payments over an extended period until the debt is fully paid off. 4. Voluntary Disclosure Agreements (VDA): These agreements are available to taxpayers who voluntarily disclose any previously unreported or underreported tax liabilities. By coming forward, taxpayers can avoid penalties and potential criminal prosecution. In conclusion, Connecticut Closing Agreements allow taxpayers to achieve a mutually agreed resolution with the DRS for their tax disputes. The various types of agreements, such as CCAP, OIC, IPA, and VDA, offer different avenues for taxpayers to settle their tax liabilities based on their specific circumstances.