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Printable Form 433-D High Point North Carolina: What You Should Know
Direct Debit Installment Agreement The most common way to establish an Installment Agreement is for your employee to get a paycheck and deposit it into your account. Then the employee transfers money directly into your account or deposits funds into your checking account (see diagram). Because the employee does not have direct access to the money in your checking account, a direct debit installment agreement cannot be considered the “automatic” method for paying salary or other wages. In order for this method to qualify for IRS approval, the transaction must be “indirect.” If the cash is placed in your checking account before the paycheck is deposited in your account, a direct debit installation agreement can be set up. In some situations, the employee might not have access to the money in your checking account. With respect to this situation, another way to define an Installment Agreement is to require the employee to make regular payments into your account for a period of time that is not more than 1 year (see above instructions). In this case, the employee is only required to make payments into your account when the employee's wage statement indicates that money is being held in the IRS Direct Debit Installment Agreement. If you are setting up an Installment Agreement, you must complete an IRS Form 433-D, which includes detailed instructions for completing that paperwork. Then the employer/employee must file it with the state in which he or she files his or her state income tax return. If all the following apply: • The IRS Form 433-D shows that you have set up a Direct Debit Installment Agreement with your employee • An IRS Form 941 has been issued stating the total tax owed by the employee (See Instructions on the right of this website) • The money is held in your payroll or your checking account and will be paid out after it is deposited into the employee's account • The total cash amount is more than the minimum amount needed to meet payroll deductions (3,000 for 2018) Direct Deposit Installment Agreement The IRS Form 433-D offers an alternative. For this method, your employee is given an account or checking account and gets paid in that account. The employee then deposit the paychecks into that account or checks that are deposited into that account and sends the money into your account. The IRS Form 433-D must identify that the money is paid out of the Direct Deposit Installment Agreement and that the employee has authorization to transfer money into the account or withdrawals that are made from the account.
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