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Section 5 – Monthly Income/Expenses Statement
If you remember, I mentioned that you can provide a P&L and balance sheet to the IRS in lieu of this section. I highly recommend that you do that. Again, it makes you look like you have your crap together.
If you must fill out this section, be prudent to only use the cash method and only include reasonable and ordinary business expenses.
Then make sure you sign and send it in.
I know this chapter was exhaustive and quite long; however, it is the most vital piece to the puzzle regarding your resolution outcome.
To recap:
Now that we have gone through the Financial Analysis, the next section we are going to talk through the resolution options that the IRS will request based on your final and approved analysis.