The IRS Form 433-A, also known as the “Collection Information Statement for Individuals,” is used by the IRS to gather information about an individual’s financial situation in order to determine the best course of action for collecting unpaid taxes. The form is divided into several sections, including information about employment, income, expenses, assets, and liabilities. It’s important to answer all questions truthfully and provide as much detailed information as possible, as failure to do so can result in a delay in the processing of the form or even lead to criminal charges.
Here are the steps to complete an IRS Form 433-A:
- Gather all necessary information and documents. Before you begin filling out the form, make sure you have all the necessary information and documents on hand, such as pay stubs, bank statements, and proof of any other income.
- Fill out personal information. The first section of the form requests basic personal information, such as name, address, and Social Security number.
- Report employment information. The second section asks for information about current and previous employment, including employer’s name, address, and phone number, as well as your job title and salary.
- List income and expenses. The third section of the form is where you will report all sources of income, such as wages, rent, and interest income, as well as expenses, such as mortgage payments, car payments, and insurance. Be sure to include all income and expenses, even if they’re not related to taxes.
- Report assets and liabilities. The fourth section asks for information about assets, such as real estate, bank accounts, and investments, as well as liabilities, such as mortgages, credit card debt, and loans.
- Sign and date the form. Once you’ve completed all sections of the form, make sure to sign and date it before submitting it to the IRS.
It’s important to keep in mind that the IRS Form 433-A is a legally binding document, and any false statements made on the form can result in criminal charges. It’s also important to submit the form on time, as failure to do so can result in additional penalties and interest.
In conclusion, the IRS Form 433-A is an important tool used by the IRS to gather information about an individual’s financial situation in order to determine the best course of action for collecting unpaid taxes. By providing accurate and detailed information and submitting the form on time, individuals can help ensure compliance with tax laws and avoid potential penalties.
McCauley Law clients know this form well, and they know they can count on us for guidance when completing the form. We will always review the form after your completion as part of our standard process. If you are in a Tax Jam, contact us for a FREE consultation, we’ll get the IRS off your back!