433f question

[Jbiggdogg]

NY State
I was asked by the IRS to submit a 433f financial form. I was told you can only be compelled to submit this form if your debt exceeds 25k. Is this true?

 

[Zigner]

NY State
I was asked by the IRS to submit a 433f financial form. I was told you can only be compelled to submit this form if your debt exceeds 25k. Is this true?

I don't address whether it's true or not...but it seems to me like you're trying to convince the IRS to "work with you", but you don't want to do what is asked.

 

[LdiJ]

NY State
I was asked by the IRS to submit a 433f financial form. I was told you can only be compelled to submit this form if your debt exceeds 25k. Is this true?

Yes and no. If its an ordinary situation where they have no suspicion of any kind of fraud and you have a tax debt of less than 25k, then they can allow you an installment plan without that form. However, if they are suspicious of you or you are asking to make unreasonable low payments compared to your income, then they are allowed to require you to fill out the form.

What exactly is the backstory here?

 

[Jbiggdogg]

my wife and I received letters telling us our installment agreement for previous years tax was terminated b/c of our current years tax liability. When we called to set up a new installment agreement, the agent wouldn't even let us make an offer for a new agreement asking for the financial statement..

 

[LdiJ]

my wife and I received letters telling us our installment agreement for previous years tax was terminated b/c of our current years tax liability. When we called to set up a new installment agreement, the agent wouldn't even let us make an offer for a new agreement asking for the financial statement..

Ok...that is where you messed up. When you are on an installment agreement part of the agreement is that you will NOT have future tax liability that is not properly covered by withholding or estimated payments...so now they are taking a harder line with you and insisting that you fill out the form.

If you end up with any more years with a balance due that you cannot pay in full, then they will get even harder on you.

Fill out the form and get it sent in ASAP, or you could end up with an IRS levy, and those are NOT pleasant.

 

[tranquility]

Since you would not qualify for an automatic installment plan because of your currently breached agreement, you cannot force the IRS to accept your offer. For you to get an offer from them, you will probably need to fill out the form.

 

[Snipes5]

Fill out the form. This one isn't bad. Be glad they didn't ask for the longer one.