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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I have a s corp plus I am a w-2 wage earner need to fill out

Customer Question

I have a s corp plus I am a w-2 wage earner need to fill out a 433 form, but not sure which one. Is it the last 3 months I use to get income etc avg.
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.

You would need to use form 433 F
https://www.irs.gov/pub/irs-pdf/f433f.pdf
Specifically in section G - under "Other Income" - include distributions from the S-corporation reported on Schedule K-1.
Any questions?

Customer: replied 10 months ago.
Thanks,
Follow up question that is related. I owe around 100k from 3 yrs of past taxes. Most of that is intrest and penalties. If I could come up with 70-80k my question is what are the odds the IRS would take that and call it good?
Expert:  Lev replied 10 months ago.

Without going into details - I would expert the IRS to accept such offer.

With large upfront payment - you might want to consider an offer in computerize - so the IRS woudl accept your full payment in exchange for eliminating your remaining tax debt.
But there is no guarantee.

Expert:  Lev replied 10 months ago.

What the IRS will be looking - that is the reasonable collection potential (the RCP).

That is the amount what the IRS reasonably and potentially could expect to collect from you from the attachment of your wages and and other income as well as from the seizure of your assets.

If you offer is above that amount - it will likely be accepted.

Calculations might be a little complicated - and they are explained in some detailed in following publication

http://www.cpa-connecticut.com/offer-in-compromise.html

.
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