Two uses of the IRS form 433-A, 433-B or 433-F

While involved with an IRS collection case, for matters over $50,000 the IRS will ask for a 433-F form to be completed, which is a financial disclosure of your assets and income, or a form 433-A/B form (a variety of the 433-F form) if an IRS Revenue Officer is assigned to your case. From the clients perspective they often under-estimate the importance of this form, and its proper preparation. I often see even CPA’s not completing the form correctly, so obviously the IRS has not made it easy for the taxpayer who has a tax issue. The main use of the form from the perspective of the IRS is to gather information on assets they can levy and seize, and to compute the monthly income you can pay them. From the clients perspective, it is very important to craft a picture of your assets and income so you form the basis of a payment plan offer to the IRS that is justifiable and that you can maintain without defaulting the payment plan. Therefore, it is critical to complete these forms in your best interests while remaining truthful. Its a skill but the results are worthwhile in resolving your tax debt problem since I often find that as I keep working on the form (in some cases 8-12 hours) I see ways to achieve a result that is very helpful to a clients case.

By: Timothy S. Hart

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