We would like to pay our IRS bill ($33K+) by installment. We can save several thousand by paying installments this year then paying off the balance next year when our tax rate drops. This requires filling out both a
9465 (installment) and 433-F (Collection Information Statement). The 433-F clearly shows have the resources to pay the bill now. Will the IRS then disallow the installment plan?
I only discovered the 433-F requirement when I started to e-file. The 433-F requires our every asset which is a many. I would rather avoid that if it is moot.
That's not how it works though. Your 2011 tax bill doesn't go down if your
2012 tax bracket changes. Installment payments are a good way to finance the tax debt if you don't have any other resources to make that payment with. But that amount isn't changed by any future events except payments.
Not necessarily. The 9465 is the automatic installment agreement, and I believe it's only valid for amounts less than $25k.
Unfortunately at the amount you're dealing with, you'll need to complete a
433. Remember to send in all required attachments and supporting documents. Most 433's I've dealt with end up being 2 inches thick with attachments.
It is now valid for amounts up to 50k. It is still valid for amounts over 50k, but this 433 form is required. Also, if you owe more than 50k and are seriously delinquent then if senate bill 1813 passes, then your passport may be taken away from you.
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?SEC. 7345. REVOCATION OR DENIAL OF PASSPORT IN CASE OF CERTAIN TAX DELINQUENCIES.
?(a) In General- If the Secretary receives certification by the Commissioner of Internal Revenue that any individual has a seriously delinquent tax debt in an amount in excess of $50,000, the Secretary shall transmit such certification to the Secretary of State for action with respect to denial, revocation, or limitation of a passport pursuant to section 4 of the Act entitled ?An Act to regulate the issue and validity of passports, and for other purposes?, approved July 3, 1926 (22 U.S.C. 211a et seq.), commonly known as the ?Passport Act of 1926?.
?(b) Seriously Delinquent Tax Debt- For purposes of this section, the term ?seriously delinquent tax debt? means an outstanding debt under this title for which a notice of lien has been filed in public records pursuant to section 6323 or a notice of levy has been filed pursuant to section 6331, except that such term does not include--
?(1) a debt that is being paid in a timely manner pursuant to an agreement under section 6159 or 7122, and
This has become moot. I filed an extension and will bring it up with our local tax advisor. Cannot find out how to get Windows 7 Mail to mark the text being replied to so used a double line below to separate my response in case anyone is curious.
-----Original Message----- From: paulthomascpa Sent: Tuesday, April 17, 2012 3:51 PM Newsgroups: misc.taxes.moderated Subject: Re: Forms 433-F & 9465
"Snowy" wrote
That's not how it works though. Your 2011 tax bill doesn't go down if your
2012 tax bracket changes. Installment payments are a good way to finance the tax debt if you don't have any other resources to make that payment with. But that amount isn't changed by any future events except payments.
Not necessarily. The 9465 is the automatic installment agreement, and I believe it's only valid for amounts less than $25k.
Unfortunately at the amount you're dealing with, you'll need to complete a
433. Remember to send in all required attachments and supporting documents. Most 433's I've dealt with end up being 2 inches thick with attachments.
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