433-A OIC Other Expenses

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  • #13348
    James
    Blocked

    Folks,

    I am doing an OIC for a married taxpayer (he is solely liable) and I am in the process of finishing 433-A OIC. He has several expenses that do not fit in any of the categories listed and there is no place to put them on the form anywhere.

    For example, he has income from the sale of his business assets. That income is being mailed already to the IRS lien unit. Additionally, he was loaned money by family to pay for my services.

    Any help is much appreciated!

    Jim Wade

    #13445
    Bryan Haarlander
    Participant

    What other expenses? You mention an income item and a family loan, neither are expenses. Your fees are a reduction of TP’s assets unless paid under an installment basis. For example, if you have an agreement with TP to prepare his personal tax returns for $600 a year for the next 5 years to be compliant with OIC offer, you have a $50 per month expense.

    #13480
    Eric Green
    Keymaster

    I divide the representations fees and put it on the secured debts line. I then explain it in the cover letter and attach proof of the loan.

    As far as the income I would put it on the line for “Other Income to Support the Household”, line 32 on the new form just released.

    #13502
    James Wade
    Participant

    Bryan and Eric,

    Thank you both for your responses. Thankfully the new form takes care of my issue.

    Jim Wade

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