IRS 433-A (OIC) 2019 free printable template

Form 433-A OIC Rev. January 2014 Department of the Treasury Internal Revenue Service Collection Information Statement for Wage Earners and Self-Employed Individuals Use this form if you are An individual who owes income tax on a Form 1040 U.S. Individual Income Tax Return partnership liability income. Employer s Address street city state zip code Your Employer s Name Do you have an interest in this business Your Occupation How long with this employer years months Spouse s Employer s Name...

How to fill out IRS 433-A OIC

How to fill out IRS 433-A (OIC)

1. Obtain Form 433-A (OIC) from the IRS website.
2. Fill out the personal information section, including your name, address, and Social Security number.
3. Complete the asset section by listing all your assets, including real estate, vehicles, and bank accounts.
4. Provide details on your monthly income, including your salary, bonuses, and any other sources of income.
5. List your monthly expenses, including housing, utilities, food, transportation, and any other necessary expenses.
6. Include information on any outstanding debts and obligations.
7. Sign and date the form, certifying that all information is accurate.
8. Submit the form along with your Offer in Compromise application and any required fees.

Who needs IRS 433-A (OIC)?

1. Anyone who owes back taxes and is seeking an Offer in Compromise (OIC) to settle their tax debt for less than the amount owed.
2. Individuals who cannot pay their full tax liability due to financial hardship.
3. Taxpayers whose tax liabilities exceed their ability to pay based on their current financial situation.

• Who needs an IRS Form 433-A (OIC)?
• What is IRS 433-A (OIC) form for?
• Is IRS Form 433-A accompanied by other forms?
• • When is IRS Form 433-A due?
  • How do I fill out IRS Form 433-A?
  • Where do I send IRS Form 433-A?

Who needs an IRS Form 433-A (OIC)?

Collection Information Statement for Wage Earners and Self-Employed Individuals (Form 433-A) is required by the IRS to evaluate how a wage earner or self-employed individual can satisfy an outstanding tax liability.

The tax form 433-A is to be used by individuals who:

• owe income tax on a Form 1040, U.S. Individual Income Tax Return;
• have personal liability for Excise Tax;
• are responsible for a Trust Fund Recovery Penalty;
• are personally responsible for a partnership liability;
• are self-employed or have self-employment income.

What is IRS 433-A (OIC) form for?

This form provides personal and household information of the submitter including employment information for wage earners (if such), personal asset information, business asset information (for self-employed), and income and expense information for both wage earners and the self-employed.

All of this information will be used by the IRS to evaluate whether a tax debtor is subject to payment plan or temporary delay.

Is IRS Form 433-A accompanied by other forms?

Depending on your case, may require additional documents to be filed with 433-A form:

• Copies of a pay stub, earning statement, etc. from each employer;
• Copies of the most recent statement for each investment and retirement account;
• Copies of the most recent statements from all other source of income;
• Copies of the most recent statement from lender(s) on loans.

If your interests are represented by an attorney, you should attach Form 2848. Any of special circumstances on the case should be reported with Form 656.

When is IRS Form 433-A due?

The form must be supplied when it becomes necessary. Time for submission is not tied to any deadlines.

How do I fill out IRS Form 433-A?

You should provide information on topics listed below. Wage earners must fill out Sections 1, 2, 3, 7, 8, 9 and signature line in Section 10.

Self-employed individuals should complete Sections 4,5,6, in addition to Sections 1,2 (if applicable), 3, 7, 8, 9 and the signature line in Section 10.

Where do I send IRS Form 433-A?

Completed and signed, this form should be directed to the IRS office serving your business.

Instructions and Help about IRS 433-A OIC

Hey guys my name is Anthony Fontana I'm a CPA with ea tax resolutions, and today I'm going over how to fill out the IRS form 433a OSC for an IRS offering compromise the IRS form 433 an OIC is the form that we need to fill out to submit an offer and compromise with the IRS to settle our back taxes now I'm going to be going over line by line throughout the whole form, and I'm going to give you guys some pro-tips on some lines where we can deviate from the instructions and potentially get you a better outcome with your offer if at any point you think this form is way too overwhelming, and you'd like to hire a professional well good news is I'm here to help you can use a link in the description below to schedule an appointment with me to go over your particular case all right here's the 20 21 433aoic here uh we're gonna again go through this line by line so let's get started here section one uh this one's pretty straightforward obviously you put your name uh date of birth social your marital status as...

People Also Ask about

What is a form 433-a OIC?

Use this form if you are An individual who owes income tax on a Form 1040, U.S. Individual Income Tax Return. ● An individual with a personal liability for Excise Tax. ● An individual responsible for a Trust Fund Recovery Penalty.

What is IRS form 433A used for?

Who should use Form 433-A? Form 433-A is used to obtain current financial information necessary for determining how a wage earner or self-employed individual can satisfy an outstanding tax liability. If you are an individual who is self-employed or has self- employment income.

What are the personal assets for 433A?

Section four of Form 433A asks for detailed information about your personal assets. You must disclose all of your assets, including bank accounts, money market accounts, investments, life insurance policies with cash value, real estate, vehicles, and virtual currency.

What is a 433A OIC?

Form 433-A (OIC), Collection Information Statement for Wage Earners and Self-Employed Indivduals is used for individual taxpayers who want to submit an Offer in Compromise for their individual tax liability.

What is the difference between 433-A and 433-A OIC?

Form 433-A is the long form of the Collection Information Statement. Form 433-A OIC is the version of the form specifically used when seeking an offer in compromise.

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What is IRS 433-A (OIC)?

IRS 433-A (OIC) is a form used by taxpayers to provide detailed financial information to the Internal Revenue Service (IRS) when they are applying for an Offer in Compromise (OIC). This form helps the IRS determine a taxpayer's ability to pay, allowing them to settle their tax debts for less than the full amount owed.

Who is required to file IRS 433-A (OIC)?

Taxpayers who wish to apply for an Offer in Compromise and need to provide their financial details and ability to pay must file IRS 433-A (OIC). This typically includes individuals whose tax liabilities exceed a certain amount and who are unable to pay the full amount.

How to fill out IRS 433-A (OIC)?

To fill out IRS 433-A (OIC), taxpayers should provide accurate and complete information regarding their income, expenses, assets, and liabilities. The form requires detailed information about monthly income from all sources, necessary living expenses, and an accounting of assets, including bank accounts, property, and other valuables.

What is the purpose of IRS 433-A (OIC)?

The purpose of IRS 433-A (OIC) is to give the IRS a comprehensive view of a taxpayer's financial situation, which is necessary for evaluating an Offer in Compromise. The information submitted helps the IRS determine whether the taxpayer qualifies for a reduced tax liability based on their financial hardship.

What information must be reported on IRS 433-A (OIC)?

The information that must be reported on IRS 433-A (OIC) includes personal identification data, income details from all sources, monthly living expenses, assets such as real estate and vehicles, bank account balances, and information about any liabilities the taxpayer has, such as loans or other debts.