IRS Financial Statements Revised – Traps Included!

For the first time in 4 years, the IRS revised the financial statements that are required to be used in collection cases.   There are several changes that are noteworthy, and to be careful with when answering.  On Form 433B, used to investigate businesses with IRS problems, the IRS asks who is responsible for depositing payroll taxes.

The term “responsibility,” as it relates making payroll deposits, is a legal term, and answering yes can have the unintended effect of causing someone to have personal financial responsibility for payroll deposits that are not made.   Be careful with this:  What is “responsible” in your mind may not be responsible under law.  Answering yes may be deemed by the IRS to be an admission.

By Howard Levy

Form 433A, Form 433B, IRS Financial Statements

Contact Howard

Ready to take the next step? Contact me through the link below.

How Can I Help You?

Related Blog Posts

How Else Can I Help...

Contact Howard or

By Howard Levy

Form 433A, Form 433B, IRS Financial Statements

Contact Howard

Ready to take the next step? Contact me through the link below.

How Can I Help You?