Form 433-A
What is needed for the real property section?
All property information for property owned by the taxpayer.
What should match on page 1 and 6?
Employee Wages
Where do you pull transcripts from?
Tax Prac and TDS
What is needed to complete a Tax Prac Call?
POA from client
Tax Prac sheet
When would you file 911?
When there is a true hardship that cannot be resolved with the Revenue Officer
What is important about page 4 and the TDW?
Making sure the wages are relatively similar to the depostis
Why is it important to code and breakdown the business bank statements?
To reflect true and accurate income and expenses
How do I find the principle balance due?
Total Tax + assessed additional tax - payments and credits
What needs to be on the 8821 for us to be able to access the account for a business?
Title of the signing officer
When would you file CDP?
Usually with Letter 1058
Why must we put the vehicle fair market value?
To demonstrate what the vehicle is worth if it were to be sold to satisfy the debts
When updating a 433-B what do we need to change with new information?
Bank Accounts, Credit Accounts, real property, vehicles, Liabilities, and Page 6
What letter is sent to the client after Donna's TO Call?
Business/Personal Liability Letter
Why must we get account transcripts?
It shows the balances due and we have them immediately instead of waiting for CAF to process POA
When would you file CAP
When there is a rejection of IA and/or levy/seizure that needs resolved due to broken procedure
Why is it important to know if the client is currently in bankruptcy?
It halts all collection efforts until bankruptcy is discharged
Why is it important to list the officer's and their ownership percentage on the 433-B?
To inform who has ownership of the company and to what degree for the IRS to investigate possible trust fund penalties
When we do a transcript breakdown why must we also have a copy of the transcripts?
To check our work, to show the clients what the IRS is reporting, to look for any additional information such as notices that have been sent out, levies, payments etc.
What do we need to pull transcripts?
PTIN and SOR
What is the significance of the PAN and why do you have to list all periods?
PAN allows the taxpayer to abate penalties and associated interest. We have to list all periods to be considered.
What are pages 5 and 6 of the 433-A used for?
Sole prop and single member LLC business information
On Page 6 what is the amount of taxes that should match the wages?
Taxes are typically 10% of the wages - although we could include state taxes with substantiation
The additional Tax Assessed column
If there are missing returns what transcript should we request from Tax Prac?
Wage and Income
What is Co-mingling?
Finding personal expenses being paid for by the business funds