IRS 433-B (OIC) 2024 free printable template

Form 433-B Collection Information Statement for Businesses February 2019 Department of the Treasury Internal Revenue Service Note Complete all entry spaces with the current data available or N/A not applicable. Signature Date Print Name of Officer Partner or LLC Member After we review the completed Form 433-B you may be asked to provide verification for the assets encumbrances income and expenses reported. Documentation may include previously filed income tax returns profit and loss...

How to fill out fictitious business name statement form

How to fill out IRS 433-B (OIC)

1. Obtain IRS Form 433-B (OIC) from the IRS website or your tax professional.
2. Fill out Part 1, identifying information: Include the business name, address, and Employer Identification Number (EIN).
3. Complete Part 2, financial information: List assets, income, expenses, and liabilities for the business.
4. Provide details about any business ownership: Indicate the percentage of ownership and the value of shares if applicable.
5. Answer questions regarding the business operations and any ongoing compliance with tax obligations.
6. Review the form for accuracy and completeness.
7. Sign and date the form, and retain a copy for your records.
8. Submit the form to the IRS along with any required supporting documentation.

Who needs IRS 433-B (OIC)?

1. Businesses that owe back taxes and are seeking to settle their tax debt through an Offer in Compromise (OIC).
2. Those who have limited income or assets that prevent them from paying the full tax liability.
3. Taxpayers who have received a tax bill and want to negotiate a reduced amount owed.

• 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.

Video instructions and help with filling out and completing 433b

Instructions and Help about irs form 433 b printable

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 irs 433 b

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 information to the IRS when submitting an Offer in Compromise (OIC). This form helps the IRS evaluate the taxpayer's ability to pay the tax debt.

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

Businesses that are submitting an Offer in Compromise to the IRS to resolve their tax debts are required to file IRS 433-B (OIC). This includes corporations, partnerships, and sole proprietorships.

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

To fill out IRS 433-B (OIC), a taxpayer must provide detailed information about their business's financial situation, including assets, liabilities, income, and expenses. It is important to carefully follow the instructions provided with the form.

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

The purpose of IRS 433-B (OIC) is to provide the IRS with financial information necessary to evaluate a business's Offer in Compromise. It helps determine whether the IRS should accept a reduced payment for settling tax liabilities.

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

The IRS 433-B (OIC) requires reporting of information such as business assets, liabilities, monthly income, monthly expenses, and any other relevant financial data that provides a complete picture of the business's financial situation.