Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello I am working on this problem. Could someone help me how to fill out form 433-A and form656 following problem below: Your client is

Hello

I am working on this problem. Could someone help me how to fill out form 433-A and form656 following problem below:

Your client is in big trouble. He owes $1.3 million to IRS for the year ended December 31, 2013. He won a lawsuit on June 1, 2011 in the amount of $5 million and lost almost everything in day trading. He just forgot to pay taxes on his winning of law suit.

He is married and has three children-16 years, 12 years and 11 years old. He makes $3,333 per month. H had $439 in his bank account. He has two credit cards (1) Credit limit $18500, amount owed 8,592 (2) Credit limit 7,500 amount owed $6,247. He owns two cars (1) 1995 Nissan Quest, miles 145,000 (2) 2000 Maxima miles 87,000. He has clear title to these cars. He owns a house in Kingwood Texas purchase price $217,000 date acquired 02/01/01 current value 210,000 loan balance 177,395 monthly payments $1,585. There are quite a few homes on sale in his neighborhood.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jeffrey Waybright, Robert Kemp

1st Edition

013606048X, 9780136060482

More Books

Students also viewed these Accounting questions