Tax Seminar #3 – December 3 2012

New Form 433 – A Changes:
Below is a listing of changes to form 433-A (OIC) (new revision date is 05/12) which I have
compiled through a visual comparison of the old and new forms:
1. Line item for “Delinquent State and Local Taxes” in personal budget (53).
2. Addition of field for Fax Number.
3. A box for “Cash” has been added within Cash and Investments sections for both personal
(Section 3) and business (Section 4) assets. Previously, there was no process to report
cash holdings.
4. A section for Accounts Receivable has been added to Section 4 on business assets.
5. The line for “Additional Household Income” was removed from Section 6. However, a
new yes/no question has been added (“Are there additional sources of income used to
support the household, e.g. non-liable spouse or roommate, for example.”).
6. The term “minimum payment on credit card” has been added to the food, clothing and
miscellaneous section of the Monthly Household Expenses. Note that the Collection
Financial Standards were revised on April 2, 2012 in anticipation of the May 21 st
announcement and include minimum credit card payments and the Internet costs
discussed below.
7. The term “Internet” has been added to the housing and utilities section of Monthly
Household Expenses.
8. Revision of Section 7 to take into account the lower multiples on future monthly income
(12/24 vs. 48/60).
9. In Section 8, other information, the term “County Filed” referring to bankruptcies has
been changed to “Location Filed”.
10. The question “Have you been party to a lawsuit?” has been changed to “Are you or have
you been party to a lawsuit?”.
11. The checklist has been expanded to include “Verification of State/Local Tax Liability, if
applicable”, while deleting the term “Accountant's depreciation schedules, if applicable”.
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