Collection Information Statement
There are several forms which are used by the IRS to collect information statement from persons relating to tax issues such as tax debt. These forms would also be used to check whether a person can be considered to be eligible for the status of uncollectible and other plans for payment.
The forms which would fall into this category would be the IRS Form 433-A and Form 433-F. when these are forms all about and in what situation can they can be used and why are they important. Let us answer these questions
What is the IRS Form 433-A and IRS Form 433-F?
As has been earlier said, these are forms which are released by the IRS. However, while they are used broadly for the same line, there are some differences between these forms. However, broadly speaking, most forms can be used to send financial statements to the IRS in a pattern which is preferred by the IRS. These forms would give the IRS the complete story when it comes to the amount which they would expect you to pay monthly. This is what makes these forms quite useful especially if you find yourself in any issues relating to your tax.
What are they used for?
This is where their differences are made manifest. The IRS Form 433-A is used specifically when the IRS is dealing with persons who are categorized as self-employed or entrepreneurs. It can also be used when the IRS is dealing with persons who are working and have a steady source of wages. Hence, they are streamlined to a particular category of persons and should only be filled and submitted by them. However, the IRS Form 433-F is a bit different.
This form, on the other hand, would be used on a general note. In other words, it is a tax information report which is generalized. It is not streamlined to just one aspect of persons or tax returns. It is often used about federal tax debts. You would mostly need this form if you are trying to find out if you are eligible for various payment plans. It would also be used when you are checking your uncollectable status.
Why is it so important to the IRS?
When dealing with tax, organization is key and that is what the IRS is prioritizing through these forms. It allows them to organize the type of tax used for each category. It would also ensure that they have a good idea of what they can expect you to pay monthly as earlier stated. On your part, it would help you to get the necessary tax reliefs.
So when it comes to both forms, the Form 433-A is more streamlined just like the form 433-B. however, the form 433-F is broader and encompasses both forms. It is one thing which to note what the form is used for and it is yet another thing to be able to fill it effectively. The best thing to do would be to get a tax lawyer.
Why you need a tax lawyer
When it comes to tax relief and other IRS issues, getting a tax lawyer is a good decision. They are trained and know just what to do to ensure you have fewer problems with your tax. Cumberland Law Group is one law firm which is set up to help you get back on track. With their help, you would be able to solve the majority of your tax problems for a long time to come. Handling your tax is important. For this reason, you must get a tax attorney as soon as you can.
