IRS 433-B (OIC) 2022 free printable template

FormDepartment of the Treasury Internal Revenue Service433B (OIC)Collection Information Statement for Businesses(April 2022) 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 out your business information, including the legal name, address, and Employer Identification Number (EIN).
3. Provide details about your business structure (sole proprietorship, partnership, corporation, etc.).
4. Complete the income section, listing all sources of income and their amounts.
5. Document monthly expenses and liabilities, including categories like rent, utilities, and payroll.
6. Include all assets, such as bank accounts, accounts receivable, and any property owned.
7. Calculate your net worth by subtracting your liabilities from your assets.
8. Sign and date the form to certify that the information is accurate.
9. Submit the completed form along with your Offer in Compromise application.

Who needs IRS 433-B (OIC)?

1. Any business that is unable to pay its full tax debt to the IRS may need to file IRS Form 433-B (OIC).
2. Businesses seeking to propose an Offer in Compromise to settle their tax liabilities for less than the full amount may require this form.
3. Tax professionals or accountants assisting businesses with tax debt may also need to complete this form on behalf of their clients.

• 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 and self-employed individuals to provide financial information to the IRS when applying for an Offer in Compromise (OIC). This form helps the IRS assess the taxpayer's ability to pay their tax liability.

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

Businesses and self-employed individuals who are seeking to settle their tax debts for less than the full amount owed must file IRS 433-B (OIC) as part of their Offer in Compromise application.

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

To fill out IRS 433-B (OIC), taxpayers should provide detailed financial information, including income, expenses, assets, and liabilities. It's essential to accurately report all figures and provide supporting documentation to strengthen the OIC proposal.

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

The purpose of IRS 433-B (OIC) is to evaluate a taxpayer's financial situation to determine whether they qualify for an Offer in Compromise, which allows them to settle their tax debt for less than the total amount owed.

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

IRS 433-B (OIC) requires reporting of various financial details, including business income, expenses, bank account balances, real estate holdings, vehicle information, and any other assets or liabilities that contribute to the taxpayer's financial status.