Tax Relief with Logan Allec, CPA
Do you owe back taxes to the IRS or your state government or have unfiled tax returns? Then this is the podcast for you! Every Monday, Wednesday, and Friday, Logan Allec, CPA — owner of A+ BBB-accredited tax resolution firm Choice Tax Relief — explains exactly how to get tax relief for your back tax debt. Would you like a FREE tax relief consultation with Logan's company, Choice Tax Relief? Schedule your consultation now by calling 866-8000-TAX!
Tax Relief with Logan Allec, CPA
IRS Form 433-F Explained: What the IRS Is Really Looking For
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IRS Form 433-F gives the IRS a detailed picture of your income, assets, debts, and living expenses. I explain what the form asks for, how the IRS uses it to evaluate what you can pay, and the mistakes to avoid before you sign and send it.
Owe the IRS or your state at least $10,000 in back taxes, or have multiple years of unfiled tax returns? Book a FREE consultation with my team at Choice Tax Relief. Call 866-8000-TAX (866-8000-829) OR book here:
https://choicetaxrelief.com/free-tax-...
I'm Logan Allec, CPA and owner of Choice Tax Relief. In this video, we cover:
- Why the IRS asks for a Collection Information Statement
- Form 433-F versus Forms 433-A, 433-A (OIC), and 433-B
- What the form asks about your assets, income, and expenses
- IRS Collection Financial Standards and allowable living expenses
- Installment agreements, partial-payment plans, and currently not collectible status
- Five common mistakes when preparing your financial information
CHAPTERS
00:00 What the IRS is really looking for
01:51 Meet Logan Allec
02:19 What Form 433-F is
04:19 What’s on the form
05:36 How the IRS reads it
08:45 Collection Financial Standards
13:56 After you send it
17:46 Common mistakes
23:17 Your next step
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IRS RESOURCES & CLARIFICATIONS
Blank Form 433-F and its instructions:
https://www.irs.gov/pub/irs-pdf/f433f...
Current IRS Collection Financial Standards:
https://www.irs.gov/businesses/small-...
Expense rules differ by category. National food/clothing and out-of-pocket health care allowances generally do not depend on actual spending; local housing and transportation generally use the lower of actual expenses or the applicable standard, subject to justified exceptions.
The partial-payment example is hypothetical, not a promised settlement. PPIAs are subject to financial review, and events that suspend or extend the collection period can change the outcome. Currently not collectible status does not erase your debt; interest and penalties can continue, and the IRS may review your finances later.
IRS payment-plan guidance: https://www.irs.gov/taxtopics/tc202
IRS collection-delay guidance: https://www.irs.gov/businesses/small-...
General educational information, not individualized tax or legal advice. IRS standards and procedures can change. The appropriate resolution depends on your financial and tax circumstances, and no result is guaranteed.
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