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Form 4180 ND: What You Should Know
Taxpayers who are not able to pay prior to a certain payment deadline can receive a Form 27801 to pay. If interest is not paid back, interest accumulates on the TARP until the balance is paid, whether a payment was made by the time the debt is exhausted. See IRS Instruction for a discussion of this provision. See IRC 7625(b)(3). Also, see IRC 6626(c). 5.7.5 Internal Revenue Code Section 6501 If there is interest that is not paid back or discharged as of the date of payment or a deferred interest period, you should send the IRS Form 4180-T at 6544 to determine whether the IRS might have interest on that TARP debt. 5.7.6 Audit Report for IRS Form 4180 All transactions and actions that are covered by the Form 4180 Interview may affect the IRS audit of the taxpayer. You should advise the taxpayer that a completed Form 4180 may affect his or her report for IRS examination and, therefore, you want to check back with the IRS regularly to confirm your compliance with the audit standards of the IRS. See IRS Publication 651, Audits in the Federal Income Tax System, for details. 5.7.7 Examination of the IRS Form 4180/IRS Form 4665, Other Information Any additional information provided with and/or by a completed IRS Form 4180 can be reviewed by IRS Examining Officers, along with the applicant (if any). 5.7.8 Assessment of the Bankruptcy Estate on Bankruptcy Trustee or Trustee of Estate If the bankruptcy estate consists of TARP securities, the Trustee of the bankruptcy estate has a special role. The trustee is not an auditor and may not audit the taxpayer's account statements. Therefore, the Trustee's role is limited to helping the taxpayer resolve the trust. The trustee's role may change depending on the type of Trust: Chapter 13 Trust (Chapter 11 Trust is an estate). See Bankruptcy Law & Trustees for details. 5.7.9 Audit Report for Bankruptcy Estate — Trustee Any additional information provided with or by a completed IRS Form 4180/IRS Form 4665, Other Information should be reviewed by the IRS Examining Officers, along with the trustee (if any). The following are important: The Trustee must complete the report on the estate.
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