I Received an IRS Form 433-F. What Should I Do Now?

On: May 16, 2023

Receiving a notice from the IRS is not something you want to take lightly, especially when the IRS is asking you for documentation or telling you that you owe them money.

If you have received a notice in the mail from the IRS and need to know what it means or how to proceed, turn to your local IRS tax experts here at Leading Tax Group.

What is Form 433-F?

Did you receive an IRS Form 433-F in the mail? If so, you may be wondering what it is and what you need to do with it. This form is sent to taxpayers by the IRS and is a notice that the IRS is looking to gather more detailed information about your finances. These notices are generally sent out when you apply for one of the IRS’s tax relief programs.

The goal of this form is for the IRS to be able to determine if you qualify for the program that you applied for such as a payment arrangement. Having the IRS ask you to fill out this form is common, but it can be very confusing. It is important that the form and the documentation be filled out and sent correctly so that the IS does not deny your request. You should work with an experienced tax team to do this.

When is the 433-F Form Used?

The 433-F Form is used when the IRS wants to gather more information about your financial situation. This information is used to determine if you qualify for the payment plan or other financial assistance program you applied for.

Will I Be Required to Submit All the Documentation the Form Requests?

Yes. You are required to submit the documentation that is requested on the form. While the form itself is fairly straightforward, many taxpayers get tripped up on what they need to submit. Failure to submit documentation or submitting the wrong documentation can lead to the denial of your request for a payment arrangement.

Working with an experienced tax professional will ensure you gather all information and paperwork needed and that it is turned in correctly.

Why Does the Form Ask About Allowed and Actual Expenses?

The IRS wants to get a snapshot of your current financial situation and to do so, they want to know where your money is being spent. The allowed expenses are the number that the IRS deems to be sufficient for a given category and the actual expenses are what you spend on those expenses.

If your actual expenses exceed the allowed amount, the IRS is going to ask you to provide proof of these expenses. The IRS is known to not allow enough in expenses and this can lead to the denial of your request, especially if the IRS thinks you spend too much on expenses. This is where a tax professional comes in. They can assist you in substantiating all of your expenses to show the IRS that they are reasonable and needed.

Leading Tax Group Can Help You File Form 433-F 

Did the IRS send you Form 433-F in the mail? If so, working with an experienced tax team can help ensure that you not only get the form back to them in time but that you send in the proper documentation to ensure your request is approved.

Leading Tax Group is here to represent you and assist you with your tax matters. Our team understands the 433-F Form and will work closely with you to get your payment arrangement approved through the IRS.

Call Leading Tax Group today for a free tax consultation!