Office in Freehold NJ | 
The IRS sent you a list of documents and a financial statement to complete. You may not know where to start. You are not alone and you do not have to figure it out by yourself.
IRS Form 9297 is a collection information request. It may ask for bank statements, pay records, bills, loans, and business documents. A revenue officer may also ask you to complete Form 433, which helps the IRS evaluate what you can afford to pay. Missing a deadline can be serious, but there may be ways to organize the records, explain problems, and request more time.
At Tomes Law Firm, our team includes a tax attorney, a CPA, and a former IRS Revenue Officer who reviewed thousands of Forms 433 and issued thousands of Forms 9297 while working for the IRS. We know the paperwork can feel overwhelming, and we know how it is reviewed.
What Is IRS Form 9297?
Form 9297, Information and Document Request – Collection, is used by the IRS to list documents and information a taxpayer is asked to provide. It may set a due date. It is not itself a levy or a summons, but it is important to take it seriously.
Bank and investment statements
Pay stubs, tax returns, or business financial statements
Mortgage, car loan, and other debt information
Household bills and proof of necessary living expenses
Business payroll records, customers, and accounts receivable
What the IRS requests depends on your case. A taxpayer with a personal income tax debt may receive a different list from a business that owes payroll taxes.
The Hardest Part: Where Do I Find All These Records?
Many clients are willing to cooperate. They simply do not know where to begin. Some records are at the bank, others are with an accountant, and some may be in an old email or a former bookkeeper’s files.
We help clients work through the request, identify where the documents may be found, organize what they have, and explain what is missing. If a requested record does not exist or cannot be obtained, it should be addressed rather than silently left out.
What Is Form 433, and Why Does It Matter?
Form 433 is an IRS collection financial statement. Depending on the case, the IRS may request Form 433-A for an individual or self-employed person, Form 433-B for a business, or another version. It asks about income, expenses, bank accounts, property, loans, and other financial facts.
The IRS uses this information to assess ability to pay and possible collection alternatives. A forgotten expense, an unexplained deposit, or an unusually high month of income can change the picture. The right answer is an accurate, well-supported statement—not a guess.
Bank Deposits Are Not Always Income: A Real Case
In one Tomes Law Firm matter, a revenue officer treated transfers between bank accounts as additional income. But the taxpayer had not earned the money twice: the funds were just moving from one account to another.
We reviewed the bank statements and highlighted the transfers to show the revenue officer which deposits were not new income. That distinction mattered because counting transfers as earnings could make the taxpayer appear able to pay more than was actually possible.
Loan proceeds and other deposits may also need explanation. A Form 433 should tell the real financial story, not just repeat totals from a bank statement.
What If I Earn Overtime, Bonuses, or Seasonal Income?
A few months of income do not always reflect the full year. We may review a longer period to explain a one-time bonus, busy season, commission check, or irregular business receipts. The purpose is to show an accurate, documented income pattern, not to leave earnings out.
Will the IRS Allow All My Expenses?
The IRS uses Collection Financial Standards when evaluating many living expenses. Some costs are subject to national or local allowances. In certain circumstances, actual expenses above those amounts may be considered if they are necessary and supported by records.
For example, medical costs, transportation needs, or other special circumstances may require additional explanation. Clients should not simply erase legitimate expenses from a Form 433 because the amounts appear high. They should document them and understand how the IRS evaluates them.
What About My Home, Retirement Account, and Other Assets?
Form 433 is not limited to monthly cash flow. It also asks about property and other assets. Home equity and retirement funds may affect the IRS’s collection analysis, but disclosure does not automatically mean you must immediately sell your home or cash out retirement savings. The facts and applicable collection rules matter.
What If the Deadline Is Coming and I Am Still Missing Documents?
Do not ignore Form 9297. A revenue officer may agree to a reasonable extension if you explain what is missing and what you are doing to obtain it. That agreement is not automatic, and extra time to produce records does not necessarily stop a levy or another collection action. Confirm any new deadline and understand the current collection status.
What If the IRS Asks for Business Customers or Accounts Receivable?
A business may be asked for its customer list, unpaid invoices, or accounts receivable. These requests can be especially sensitive where a lender has a security interest in the receivables. The existence of a lender’s lien does not automatically remove the IRS’s information-gathering or collection rights. Financing agreements, ownership, and lien priority may need careful legal review.
What If the IRS Says I Can Afford More Than I Can?
A well-prepared financial statement may support an affordable installment agreement, a partial-payment installment agreement, or Currently Not Collectible status, depending on eligibility and the facts. Submitting Form 433 does not automatically qualify you for any of these options.
In another Tomes Law Firm matter, Bill’s payment was $4,315 per month. After a proper review and allocation of his income and expenses and consideration of the remaining collection period, we helped reduce it to about $2,400 per month. His case shows why the financial analysis matters. Results depend on each taxpayer’s circumstances.
Why Tomes Law Firm’s Team Makes a Difference
Our tax attorney works with you on your rights, communicates with the revenue officer, and addresses collection risks. Our CPA helps review financial statements, records, and the numbers behind Form 433. And our former IRS Revenue Officer brings an uncommon perspective: firsthand experience reviewing thousands of Forms 433 and issuing thousands of Forms 9297.
That means we do more than fill in boxes. We help you collect records, check the numbers, explain transfers and unusual expenses, and respond to the questions a revenue officer is likely to ask. Our goal is an accurate response and a practical path toward resolving the tax debt.
I Just Received Form 9297. What Should I Do First?
1. Read the entire request and note the deadline.
2. Identify which Form 433, if any, is required.
3. Start gathering bank records, pay information, bills, and loan statements.
4. Mark transfers and other deposits that are not new income.
5. Make a list of missing records and who may have them.
6. Get help promptly if you cannot meet the deadline or do not understand the request.
Frequently Asked Questions
Is Form 9297 the same as an IRS summons?
No. Form 9297 is a document request. A formal summons is a separate legal tool. The IRS may issue a summons if necessary.
Can I ask the revenue officer for more time?
Yes, but the revenue officer must agree. Do not assume an extension exists without confirmation.
Can the IRS levy my account if I do not respond?
It may be able to levy if the legal requirements for levy have already been met. Missing a Form 9297 deadline alone does not create levy authority.
Do bank transfers count as income on Form 433?
A transfer between your own accounts is not automatically new income. It may need to be identified and documented so it is not counted twice.
Can an attorney speak to the revenue officer for me?
Yes. With an appropriate Form 2848 authorization, an attorney can generally communicate with the IRS on the matters covered by that authorization.
What happens after I submit the documents?
The revenue officer may ask follow-up questions, examine assets and expenses, or discuss collection options. Submission alone does not stop collection or guarantee approval of a payment plan.
Received IRS Form 9297? We Can Help.
You do not need to know how to prepare a financial statement before you call us. Our attorney, CPA, and former IRS Revenue Officer can help you understand the requests, gather the documents, complete the financial analysis, and respond with a plan. Contact Tomes Law Firm to discuss your IRS Form 9297 and Form 433. Contact the tax resolution professionals at Tomes Law Firm today at 732-333-0681 or 833-4IRS-TAX for a free confidential consultation.
Official IRS Resources
IRS Publication 594 – The IRS Collection Process
IRS Collection Financial Standards
This article provides general information, not legal advice. The appropriate response depends on the specific facts, deadlines, and status of your IRS case.