Tackling Tax Debt with Form 433-A
The end of the year is almost here! Are you ready? You may have your party hats and noisemakers, the champagne on ice, and a new gym membership locked in for January 1st, but chances are you forgot how quickly tax season is approaching. (Sorry, we had to remind you.)
Most of us won’t be jumping for joy over filing this year’s tax return, but you might be like the thousands of other Americans who are fretting about tax debt from past years, too. In the old days, if you neglected to pay your taxes, no matter whether you actually had the money or not, the IRS would swoop in and take everything: furniture, bank accounts, pet hamsters, paperweight collections, etc. But in the 1980s, the Internal Revenue Service lightened up a bit and decided to start communicating with tax payers, helping them meet their obligations without all the bullying.
That’s where the 433-A form comes in. If you owe money to the IRS, you will probably be working with an auditor. Form 433-A is a full, unabridged document that helps you provide the auditor with every last bit of information about your financial existence. It covers everything from income and debt, to investments and assets. It’s important that you accompany the 433-A with all the supporting documents–like your W2 forms and pay stubs–so your auditor can see the big picture. (If there is no auditor assigned to you yet, the attorney on the case contacts the local field office and arranges for an appointment. The taxpayer doesn’t usually need to be there for this meeting. But don’t take our word for it, contact your attorney or tax advisor with this matter.)
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