Good morning, everyone, and welcome to tax tip Tuesday. I am Amanda Kendall with To Resolve Tax. Today, I want to talk to you for a few minutes about what to do if you haven't filed tax returns in several years. Pardon me, working in tax resolution, I come across this situation pretty often. So, the first thing I want to tell you if you find yourself in this situation is that you're not alone. Don't feel like you're the only person in the entire world that hasn't filed your taxes in a couple of years, because there are several people out there that fall into this situation for one reason or another. More often than not, we see it because they don't understand how to file and they don't feel like they have adequate help to get them caught up. Once they're behind or delinquent for more than a year or two, they feel like they're being shamed if they walk into a tax office and tell someone that they haven't filed in a couple of years. We also see reasons that are well beyond their control. Natural disasters have destroyed records, and you don't have access to anything. Death in the family, severe illness – there are a lot of things in our lives that can take us away from the day-to-day being conscious of deadlines and what's going on. Several times, I talk to a taxpayer that, you know, something severe has happened, and it just ran the course of a couple of years, and life in general got away from them. It wasn't just their taxes. But if you haven't filed in a couple of years, there are a couple of things that I want you to be aware of. The first thing is, if you start getting...
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433-d Form: What You Should Know
If the taxpayers' tax payment is not paid in full by the due date of the payment event specified in the agreement between the parties, payment of the remainder of the tax will not be assessed until the taxpayer files a Federal income tax return, timely or not timely. This is very important! Many people have been under the impression IRS Form 433-D is just a way for you to authorize a Direct Debit payment for a payment event. However, the IRS Form 433-D is for both of the above reasons. The IRS Form 433-D is also used to ensure that direct debit payments are made in full for overpayments. Because these payments cannot be settled as installment agreements, they cannot be made or accepted as a tax refund or a payment for any debt in dispute. The IRS Form 433-D allows the person authorized to pay to use the payment method in the agreement. The authorization is based on the taxpayer's filing status or payer name on the account. If you are not authorized to pay any tax (which would still fall under the 'direct debit payment event' category of the agreement), then no payment is made to the government. If you are authorized to pay tax on the amount due, then you will be required to pay any overpayments. If you are under the authority to pay tax, you are still not authorized to pay any tax. Since it is one of those forms that is used to authorize direct debit payments, it's important to understand the specific requirements to ensure that you are paying in complete tax. In some cases, the IRS may require a copy of the tax return or notice the taxpayer has filed. This is to determine if the return or notice, and the amount owed, falls outside the boundaries of the IRS Form 433-D agreement. The other way to make sure your tax is paid on time is if you do not submit a copy of your refund with your payment. The instructions of IRS Form 433-D indicate: “If you cannot or will not provide the agreement or other information requested on a Form 433 D, you should direct your representative to follow the procedure in Regulations section 1.471-2(g).” The IRS Form 433-D is a very important tool. If you are not using it, you are losing all opportunity to set up a proper agreement for your installment agreement. Get started now! This video shows you how to complete a DIY IRS form 433-D.
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Video instructions and help with filling out and completing Form 433-d
