What is form 433-b?

Form 433-B is a financial statement used by the Internal Revenue Service (IRS) to collect information about an individual or business entity's financial condition. It is specifically designed for individuals or businesses who owe federal taxes and want to request an installment agreement or an offer in compromise.

What are the types of form 433-b?

There are two types of Form 433-B: Form 433-B(OIC) and Form 433-B(SP).

Form 433-B(OIC): This form is used for an Offer in Compromise, which allows the taxpayer to settle their tax debt for less than the full amount owed.
Form 433-B(SP): This form is used for a streamlined installment agreement, which allows the taxpayer to make regular monthly payments to the IRS to pay off their tax debt.

How to complete form 433-b

Completing form 433-B is a necessary step to address your tax obligations. Here is a step-by-step guide to help you complete the form:

01
Gather all the necessary financial documents, such as bank statements, pay stubs, and tax returns.
02
Provide accurate and detailed information about your assets, income, expenses, and liabilities.
03
Include any supporting documentation to substantiate the information you provide.
04
Double-check your entries and review the form for accuracy before submitting it to the IRS.
05
Consider seeking professional assistance from a tax advisor or a CPA if you have complex financial situations.

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Video Tutorial How to Fill Out form 433-b

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