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When a taxpayer has
unpaid income tax balances, IRS will eventually try to collect
those amounts that remain unpaid.
IRS collection actions will usually
get the taxpayer's attention very quickly. Taxpayers who have
ignored IRS for years and/or failed or even refused to file tax
returns suddenly become willing to talk to IRS in order to
resolve their mutual problems.
In addition to filing tax returns
that were not previously filed, many taxpayers will be required
to disclose their personal financial information to IRS.
This Financial Information is often
reported on a Form 433-A that is
accompanied by a Form 433-B for
self-employed individuals.
However, most taxpayers can use a
Form 433-F. This form reports all of the
taxpayer's income sources and monthly expenses. IRS uses this
form and its information to determine a taxpayers
Monthly Cash Flow.
Financial Information includes:
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Personal and
family info
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Banking info
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Employment info
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Retirement
accounts of all kinds
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Assets (things
you own like houses, boats, cars, etc)
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Liabilities
(debts you owe like mortgages, notes, loans, credit cards,
etc)
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Monthly income
and all sources of that income
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Monthly expenses
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Various forms of
verification, support, and proof of the above
This Financial
Information can often be provided to IRS over the telephone, but
many taxpayers are extremely reluctant to talk to IRS. Also,
unfamiliarity with IRS procedures, requirements, disclosures,
calculations, allowable monthly expenses, etc. can result in the
information being used in the favor of IRS and to the detriment
of the taxpayer.
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