FORM 433 COLLECTION INFORMATION STATEMENT
- Discussed all of the taxpayer’s income, expenses, assets and liabilities;
- May be used by the IRS if the offer tails.
MARTELLE’S SPREAD SHEET
- Calculates the difference between income and expenses to determine how much needs to be paid in either a cash offer or two-years short-term deferred offer.
- IRS does not care what the taxpayer actually spends;
- IRS only allows an amount set fourth in their allowed expenses.
THERE ARE NATIONAL EXPENSES & REGIONAL EXPENSES
- Allowance for auto payments
- Allowance for food, clothing and household expenses.
- Allowance for housing;
- Allowance for transportation
- MEDICAL EXPENSES & MEDICAL INSURANCE
IRS ALLOWS WHATEVER IS REASONABLY NECESSARY.
- SECURED DEBT PAYMENTS OR SUPPORT PAYMENTS
- If these payments terminate prior to the conclusion of the 4 or 5 years calculation, the IRS will consider that additional income when analyzing the OIC.
Tag: chicago tax audit lawyer