When dealing with the IRS, it always essential to keep yourself organized in every possible way. Making even the smallest mistakes can stall the process and cause potential problems. To help with the organization process, we want to provide you with a few of the most essential IRS tax forms that are required.
A Power of Attorney is a document that grants permission to a 3rd party to act on behalf of an individual, for the purpose of representing that individual to the IRS. The individual granting the power is called the principal, and the party permitted to act on the behalf of said individual is the agent or attorney. It is important to understand that Form 2848 Power of Attorney will not be applicable in any circumstance outside of representation to the IRS.
Download Form 2848 – Power of Attorney
Form 8821 is intended to authorize an individual or a firm to receive and evaluate confidential information relating to personal financial matters. In the event that you are using a 3rd party to resolve your IRS tax debt and negotiate down your amount, this form will need to be submitted in order for the process to begin.
Download Form 8821 – Tax Information Authorization
Form 433-A is a Collection Information Statement for Wage Earners and Self-Employed Individuals. Completing this form is essential in submitting a successful Offer in Compromise application to the IRS. It is a form that documents an individual’s unique financial situation, including the reasons for financial hardship.
Download Form 433-A – Collection Information Statement for Wage Earners and Self-Employed Individuals
Form 433-B is a Collection Information Statement for Businesses. This form must be completed and submitted with every Offer in Compromise application by self-employed individuals and/or Businesses. Failure to properly complete this form will result in the return of your Offer in Compromise application.
Download Form 433-B – Collection Information Statement for Businesses
Form CP 90 – Final Notice of Intent to Levy and Notice of Your Right to a Hearing
When the IRS fails to collect the taxes that are owed, they may take an active role in collecting the outstanding debt in the form of imposing a levy against the debtor, often in the form of wage garnishment or a lien against a property. When the IRS intends to levy on certain assets, the CP 90 form is sent out, informing the receiver of what steps are needed to be taken to prevent this action from taking place within 30 days of the issuance of the notice.