As a former IRS agent I caution all my clients to be very careful in giving IRS a type of financial statement.
Most people dealing with the IRS collection division will be dealing with IRS tax forms 433-A, 433-F, or 433-B. These are all different types of IRS financial statements.
A word of Caution before giving IRS a Financial Statement
But before giving IRS owes financial statements I would caution or give you a warning that IRS will usually conduct an asset search to check out the credibility of both you and the financial statement that you sign under penalties of perjury.
I have looked over and reviewed thousands of these IRS financial statements as a former IRS agent and I can tell you that many people have simply not told the truth.
If you perjure yourself on that financial statement IRS has the right to proceed criminally against you
Some of the information that you should know is the following:
IRS conducts their own asset search within their CADE2 computer systems.
IRS also uses a search engine tool called ACCURIANT which pulls up information going back 10 years on taxpayers within there own systems.
Nowadays, revenue agents, auditors and revenue officer simply sit at their computer and can pull all the information they want right from the click of a finger.
Besides IRS conducting their own internal searches they will go ahead and Google your name and conduct asset searches from their desk and using the right search engines they can find out bunches of information.
You should also know that when you given IRS a financial statement whether it be a 433-A, 433-F, 433-B will have to provide complete documentation to support the financial statement.
IRS will want copies of bank statements, all expenses, contracts and pay stub information. Giving IRS a financial statement is serious business.
Always tell the truth.
The most common tools that IRS uses is pulling credit reports.
IRS will find out the income reported to credit agencies as well as the charging patterns and also the different credit cards that are used.
In cases in which the IRS expects fraud or perjury IRS may also summons for the financials statement that you turned in to third parties to purchase assets or to receive financing.
You want to make sure these IRS financial statements are matching up with those you have given third parties.
If they do not, you should contact a professional tax firm like ours before giving IRS a financial statement.
Some of the other assets that you will have to put on your financial statement and verifiable following:
Assets IRS will be asking about
- Cash and bank account balances
- Real property, including the value of land (can be main home, any additional home, or property held for
- Investment or used in a trade or business)
- Cars and other vehicles
- Computers
- Household goods and furnishings (for example, appliances, electronics, furniture, etc.)
- Tools
- Jewelry
- Clothing
- Books
- Stocks and bonds
- Investments in coins, stamps, paintings, or other collectibles
- Firearms, sports, photographic, and other hobby equipment
- Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts)
- Interest in a pension plan
- Interest in education accounts
- Cash value of life insurance
- Security deposits with landlords, utilities, and others
- Interests in partnerships
- Value of investment in a business
- Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds,
- commodity accounts, interests in hedge funds, and options)
It is always best to let true tax professionals handle and negotiate any IRS tax settlement or resolution.
We know the systems and the most affordable tax solutions to get your IRS case fully resolved.
IRS 433A, 433F, 433B – Warning – Let a Professional Prepare
