When You Owe More Than $100,000 In Tax

To expedite resolving accounts when $100,000 or more in tax, penalties and interest are owed, the Internal Revenue Service needs to have the following information available when making contact:

• Valid Power of Attorney (Form 2848) covering all tax periods • Copies of delinquent tax returns and /or ASFR returns (automated substitute for returns)
• Completed Form 433- A, 433-B or 433-F
• Explain in detail why the taxpayer is not able to full pay or borrow to full pay • Three months of current bank statements (all accounts)
• Three months of current pay stubs for both the taxpayer and the taxpayer’s spouse • Value of 401K/Retirement • Investment income • Employer’s information including work number • Value of all property and/or available equity • Year make of vehicles, value, equity, balance owed, and monthly payments • Commission statement • Profit and Loss statements for self-employed taxpayers • Life insurance policies, (whole or term), any borrowing ability? And/or value of policy • Spouse’s income and source with name/address/phone number • Rental income • Pension income and/or Social Security income • Out-of-pocket medical expenses • Substantiation of Court ordered payments • Substantiation of payments being made • Secured loan(s) – amount of loan and remaining balance(s)
• Number of individual’s living in the house hold
For tax help from an attorney, call an experienced lawyer who can get the IRS off your back. Call Mitchell A. Port at (310) 559-5259.