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unpaid taxes

433F Form: IRS Form 433-5

People have no idea the kind of damage they can do to themselves if they call the IRS before having any prior knowledge of its operational methods. Some people end up giving the IRS a full run down of their assets which can cause a major backfire.

This is why tax professionals exist in the first place to make sure that you get the most out of your collaboration with the IRS. Some people would prefer to undertake this venture by themselves, for such people, here is some information that may prove useful.

How to Fill Out The 433-F, 433-A or 433-B IRS Financial Statements

It goes without saying the IRS financial statements are the main cause of worry when trying to file your case. The chances of winning your case is highly dependent on how you fill out these forms and provide the required documentation.

Lack of knowledge is a major cause of distress. If there are any slip-ups or irrelevant information provided, it can result in your request or appeal being denied.

Some Tips For Dealing With A 433-F Statement

The 433-F is a financial statement is set up in multiple regions of the U.S. and used by the Automated Collection System owned by the Internal Revenue Service. All calls related to the IRS are passed through a singular national telecommunication line and then routed to any regions available telephone to be picked up. This is determined by the volume of calls, so it’s possible for a case from California to also be worked in Florida.

This system allows the taxpayer from the East Coast to call up to 8:00 pm EST to close cases, but it is almost impossible to have a case closed in a single phone call. The IRS Fresh Start program can help this get done much faster.

When you call the 1-800 telephone number, you are asked by an IRS accountant to fill out a form 433-F right at that moment while providing him all the relevant and important documentation. You will be instructed to fax the documents to the IRS agent in real-time. If you don’t possess certain documents at the moment, you will have to call back again after you have acquired them.

This is a major setback because whenever you call the number again it’s highly unlikely that the same agent will attend to your call. Thus, the entire process has to be repeated and chances are the second agent might want some different documents than the first one.

It is recommended that before you call the IRS, have all and any relevant documents close by. When filling out the form, if there are questions that are unrelated to you, fill them out by inputting “none” or “not applicable (n/a)”.

The really exasperating part is that the case has to be reviewed by a superior before it can be finalized, and after going through the process, you are left with a “they will get back to you and let you know.” Even though the present system is beyond frustrating, the IRS have made no move to fix it whatsoever.

If you are not called back again, then you need to contact the IRS again and get confirmation that your case has been closed. On a side note, the waiting time for a call can take up to 45 minutes. Don’t waste your time with this, we’re here to help!