Tax debt in Wilmington, DE is a stressful thing to have, and you want to get it paid as soon as possible, and so does the IRS. A Case representative assigned to your case will want to make sure that you are able to pay the tax debt. To make sure that you can pay your taxes, IRS wants you to submit Form 433A (which you might want to avoid) Collection Information Statement for Wage Earners and Self-Employed, which contain the following information;
Account(s) with bank details where you keep your money.
Proof of income with details about your employer
Worth of your assets like house(s) and car(s).
Details of family, i.e. spouse and children
Retirement account, if you have any and you much you have in it
Details of your monthly living expenses (utilities, rent in case you don’t own the residence, medical expenses, conveyance expenses, and insurances)
Now, the information required by the IRS in Form 433A is something that you might not want to share with the authority.
We understand that there is a certain limit to what you want to disclose. But the fact is that you owe some tax debt and this falls under financial purview.
The government can only assess the true picture of your financial standing through this disclosure form. So the question is what you can do to avoid filing this form 433A without being a subject to non-compliance. The solution is not much difficult to this rather difficult situation.
Solution To Avoid IRS Form 433A Financial Disclosures in Wilmington, DE
The solution basically depends upon the amount you owe in taxes to the IRS. There are two programs based on the amount you owe, choosing which can save you from this requirement.
Streamlined installment program: this program allows taxpayers with outstanding tax up to $50,000 to agree to pay the amount in 72 monthly installments.
If you sign this agreement with the IRS, there is no need to submit form 433A along with other financial documents. All you have to do is pay your monthly payment regularly without fail and set aside the Form 433A, which is bothering you.
Direct Debit Streamlined Installment Agreement: The second program is for taxpayers with tax debt higher than $50,000 but not more than $100,000. Under this option, the period gets extended by 12 months to 84 months. However, this program needs a little more surety from you that you will be paying the debt monthly.
For this purpose, the IRS requires that your payment is directly debited out of your bank account or directly paid by your employer. The automatic payment takes control of part of your income from you and is paid directly to the IRS. To achieve this, the IRS requires you to complete and submit Form 433D, Installment Agreement. This form enables the IRS to implement direct debit with your employer or your bank. This may sound like wage garnishment, but the difference between the two is that this is happening with your own choice and you control it under this program.
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Zee Maq is a content writer who specializes in writing business and finance content. She has nine years of experience and loves to provide problem-solving content to help people tackle challenges in their everyday lives.