Form 433-A (OIC) for South Bend Indiana 2024-2025

Form 433-A (OIC) for South Bend Indiana: What You Should Know

The Form 433-A(OIC) has two major purposes: To determine when tax will be paid on certain transactions and when liability for any tax will be released from that transaction. When and to whom you submit your tax return. The date on which IRS will issue a certificate showing that tax has been paid. Form 433-A and Form 433-A (OIC) were created by Treasury Regulation section 2.331-7. Form 433-F, Offer in Compromise The Form 433-F is for a taxpayer who is offering to file a tax return for a period before this year's tax return would have been due, but is in dispute with the IRS, is in default, and is not in compliance with the requirements of the tax return. Form 433-F was created by Treasury Regulation section 2.331-6. As a practical matter, a taxpayer's offer in compromise has to be in writing, otherwise it's unenforceable. A person can only offer to file only on one form. What happens after I file? The IRS has the authority to suspend penalties, and interest and late fees, on a return filed using Form 433-A for one tax period. The tax will not be paid unless it is accepted by the IRS. If you have been issued a Certificate of Liabilities you won't be due a tax return until you file a Form 656 with the IRS. Once you file a Form 656, you will no longer have the Certificate of Liabilities issued to you. If you do not have a Certificate of Liabilities, the IRS can determine by reviewing your tax return whether you are liable for the tax you owe. What happens when I sign Form 433-A? If you're married, the parties must agree in writing (notarized) on Form 5329. If you sign Form 433-A, you're agreeing to not file a new tax return. At the same time, you're accepting responsibility for the return for the period in question. You're legally responsible for your tax for the amount due until you file Form 656. What if I'm the second (or third) spouse on Form 433-A? If one of you files Form 433-A for a tax period before the other, you can't be sure how much tax will have been paid, until you file Form 5329.

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