If you owe over $100,000 in unpaid income tax to the Internal Revenue Service or a large amount to the California Franchise Tax Board, you can quickly resolve your tax problem by having the following information available when contacting the Internal Revenue Service:
• Valid Power of Attorney (Form 2848) covering all tax periods • Completed Form 433- A, B or F
• Explain in detail why the taxpayer is not able to full pay or borrow to full pay • Copies of delinquent tax returns
• Rental income • Three months of current bank statements (all accounts)
• Three months of current pay stubs for both yourself and your spouse • Investment income • Pension income and/or Social Security income • Value of 401K or Retirement account • Value of all property and/or available equity • Employer’s information including work number • Number of individual’s living in the household • Secured loan(s) – amount of loan and remaining balance(s)
• Life insurance policies, (whole or term), any borrowing ability? And/or value of policy • Profit and Loss statements for self-employed taxpayers • Commission statement • Year make of vehicles, value, equity, balance owed, and monthly payments • Out-of-pocket medical expenses • Substantiation of payments being made • Substantiation of Court ordered payments • Spouse’s income and source with name/address/phone number
Additional information and /or documentation may be needed to determine disposition of the account.
Call a qualified Los Angeles tax attorney for the right tax help. Call Mitchell A. Port at (310) 559-5259.