Get IRS 433-A 2012

Form 433-F is used to obtain current financial information necessary for determining how a wage earner or self-employed individual can satisfy an outstanding tax liability. Note: You may be able to establish an Online Payment Agreement on the IRS web site.

IRS Form 433-A, which is formally named the Collection Information Statement for Wage Earners and Self-Employed Individuals, is a document the IRS requires in some situations where an individual owes Federal income tax that he or she cannot pay in full.

The 433A form will often accompany form 656: Offer to compromise. Send the 433A form to the Memphis Internal Revenue Service, Center COIC Unit at PO Box 30803 AMC if you live in the western United States, including Hawaii, and are a wage earner, self-employed or a retiree.

Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It's called an Offer in Compromise. ... The IRS will apply submitted payments to reduce taxes owed. The IRS has an Offer in Compromise Pre-Qualifier tool on IRS.gov.

Offer in Compromise Qualifying Calculations The calculation takes the Total Debt Owed to the IRS and subtracts your Total Assets. The result is the IRS Debt less Total Assets amount. You multiply your Available Monthly Income times the Months Remaining for the Statute.

The operating costs include maintenance, repairs, insurance, fuel, registrations, licenses, inspections, parking and tolls. If a taxpayer has a car payment, the allowable ownership cost added to the allowable operating cost equals the allowable transportation expense.

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship.

An offer in compromise is only accepted when you agree to give the IRS an amount that they would be able to get from you through enforced collections. This step -- the examination -- can take anywhere from 4 weeks to 8 months, depending on who you get as an examiner and the complexity of your situation.

Improved credit score after an offer in compromise is complete, the IRS will release all tax liens filed against you. IRS collections are put on hold while the compromise is investigated.

It's not a good idea, because many tax professionals know that the best offer in compromise a taxpayer can submit will be when the settlement petitioner has the least amount of assets and income. ... Most importantly, it's not a good idea to stall even if there is an income increase down the road.

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship.