IRS 433-B 2012 free printable template

Form 433-B Collection Information Statement for Businesses Rev. December 2012 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 IRS 433-B

How to fill out IRS 433-B

1. Gather all necessary financial information, including income, expenses, assets, and liabilities.
2. Obtain a blank IRS Form 433-B from the IRS website or a tax professional.
3. Complete Part 1 of the form with your business information, such as name, address, and Employer Identification Number (EIN).
4. Fill out Part 2 detailing your business’s gross receipts and the cost of goods sold.
5. Complete Part 3, which requires information about your business’s monthly income and expenses.
6. In Part 4, list all business assets and their values.
7. Provide a detailed description of any liabilities in Part 5.
8. Double-check all entries for accuracy and completeness.
9. Sign and date the form at the bottom.

Who needs IRS 433-B?

1. Businesses that owe taxes and are seeking a payment plan with the IRS.
2. Entities that are undergoing collection actions from the IRS.
3. Taxpayers who want to provide financial information to the IRS for determining their ability to pay tax debts.
4. Any business that is applying for an Offer in Compromise.

• 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.

People Also Ask about

What is the difference between form 433-A and 433 F?

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 a IRS form 433 B used for?

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

Which form 433 should I use?

Form 433-A is used to collect important financial information that the IRS will use to determine whether you can afford to pay your tax debt. You'll use the information on this form when applying for an offer In compromise (OIC), which is a payment deal.

What is the IRS Form 433-B used for?

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

What are the IRS allowable expenses for 433?

In the living expenses section of the 433-F form, you will list your expenses, including food, clothing, gas, insurance, utilities, medical bills, child care, and housekeeping supplies. You can also note your estimated tax payments and any monthly payments you make on delinquent state or local taxes.

What is a 433b form?

IRS Form 433-B, or Collection Information Statement for Businesses, is typically used when a business owes federal taxes and cannot immediately pay them.