IRS 433-B (OIC) 2020 free printable template

Form Department of the Treasury Internal Revenue Service 433-B (OIC) Collection Information Statement for Businesses (April 2020) Complete this form if your business is a ? Corporation ? Limited Liability

How to fill out IRS 433-B OIC

How to fill out IRS 433-B (OIC)

1. Obtain IRS Form 433-B (OIC) from the IRS website or local office.
2. Fill in your personal information at the top of the form, including your name, address, and Social Security number.
3. Indicate your business information if applicable, including the business name, EIN, and type of business.
4. Complete section 1 on 'Revenue', listing all sources of income for the business.
5. Fill out section 2 with the details of all expenses, including wages, rent, utilities, and other operational costs.
6. In section 3, summarize the business assets, including bank accounts, inventory, and real property.
7. Clearly state any liabilities in section 4, which could include loans, lines of credit, and unpaid taxes.
8. Calculate your net worth by subtracting total liabilities from total assets in the designated area.
9. Attach any required documentation to support the information provided in the form, such as financial statements and tax returns.
10. Review the form for accuracy before signing and dating it.
11. Submit the completed form to the IRS along with your Offer in Compromise application.

Who needs IRS 433-B (OIC)?

1. Businesses that are unable to pay their federal tax debts may need to complete IRS 433-B (OIC) as part of their Offer in Compromise application.
2. Taxpayers seeking to resolve outstanding tax liabilities through a settlement with the IRS.
3. Any business entity that wants to negotiate a reduction in the amount owed with the IRS must provide this form.

• Who needs IRS form 433-B?
• What is IRS form 433-B for?
• Is IRS form 433-B accompanied by other forms?
• • When is IRS form 433-B due?
  • How do I fill out IRS form 433-B?
  • Where do I send IRS form 433-B?

Who needs IRS form 433-B?

To start with, there are series of forms 433 used by the taxpayers of different groups. In this article we will be reviewing form 433 -B designed for businesses.

What is IRS form 433-B for?

Form 433-B is used to report about specific financial situation that doesn't allow business to pay tax when it is due. Otherwise, called Collection Information Statement for Businesses, form 433-B reports about hardships that prevent a business from paying taxes timely or serves as a request to fill out offer in compromise.

Consequently, the form allows business to provide reasoning for not paying taxes on time and allows IRS to define business liability to pay taxes in full.

Is IRS form 433-B accompanied by other forms?

Form 433-B requires some attachments. These are copies of the documents that for a 3-month period. The required attachments are as follows:

• bank statements alongside investment account statements

• monthly payments, copies of UCC financing statements and depreciation schedules

• monthly statements for rent, utilities, insurance premiums, telephones, property taxes, and court-ordered payments

• credit card statements, profit and loss statements

• copies of the last income tax return

Besides these copies there may be some specific documents required by the IRS.

When is IRS form 433-B due?

Form 433-B is due when it is needed.

How do I fill out IRS form 433-B?

Form 433-B is divided into section. Each section accounts for specific kind of information:

• Business information

• Staff and contacts

• Financial information

• Liability information

• Income and expenses information

Where do I send IRS form 433-B?

Once you've filled out form 433-B send to the Department of the Treasury Revenue Service.

Instructions and Help about IRS 433-B OIC

Hello my name is Amanda Kendall with true result tax professionals LLC today I'm coming to you to show you how to fill out a form for 33b which is a collection information statement for businesses this form is going to be used for any business entity not a sole proprietorship that owes the IRS on back taxes whether that is for income taxes or any type of payroll taxes this will be used regardless of whether you are assigned to a revenue officer or if you are with the main collections department section one is going to be your business information that's pretty self-explanatory you're going to put in your business name in the address and put in your phone number of the type of business and the website over in section two you're going to put in your employer identification number and then the type of entity that you are if you're not sure if you can look at your tax return and usually figure this out based on the type of tax return that you file and then the date that you were incorporated or established this can be found by going to the secretary say if you're...

People Also Ask about

What is form 433A 433B or 433F?

IRS Form 433A- is a tax collection information statement for self-employed personnel and those that earn wages. IRS Form 433B- is a tax collection information statement for businesses. IRS Form 433F- is a generalized tax collection information statement.

What is IRS form 433 used for?

What is the purpose of Form 433F? Form 433-F is used to obtain current financial information necessary for determining how a wage earner or self-employed individual can satisfy an outstanding tax liability. Note: You may be able to establish an Online Payment Agreement on the IRS web site.

What is form 433-B OIC collection information statement for businesses?

If your business has applied for an installment agreement or an offer in compromise, the Internal Revenue Service may ask you to fill out Form 433-B. This is a collection information statement for businesses. The IRS uses Form 433-B to assess how much a business can afford to pay on its taxes owed.

What is the purpose of form 433-B?

Form 433-B is used to obtain current financial information necessary for determining how a business can satisfy an outstanding tax liability.

What is IRS form 433-B?

Form 433-B is used to obtain current financial information necessary for determining how a business can satisfy an outstanding tax liability.

What is form 433 for business?

Form 433-B helps the IRS determine whether a business qualifies to enter into an installment agreement or a partial payment installment agreement. The amount of the installment payments varies ing to the business's income and expenses, and the amount of the taxes owed.

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What is IRS 433-B (OIC)?

IRS 433-B (OIC) is a form used by businesses to provide financial information to the IRS when applying for an Offer in Compromise (OIC), which is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed.

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

Businesses that owe taxes to the IRS and wish to settle their unpaid tax debts through an Offer in Compromise are required to file IRS 433-B (OIC).

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

To fill out IRS 433-B (OIC), taxpayers must provide detailed information about their business income, expenses, assets, and liabilities. It is essential to be thorough and accurate, as the IRS will use this information to evaluate the offer.

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

The purpose of IRS 433-B (OIC) is to collect necessary financial information from businesses to determine their eligibility for an Offer in Compromise, ultimately allowing them to settle their tax liabilities for less than the total amount owed.

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

The information that must be reported on IRS 433-B (OIC) includes business financial details such as income, expenses, assets (like bank accounts and property), liabilities (such as debts and loans), and other relevant information that reflects the business's financial condition.