Form preview

IRS 433-B (OIC) 2025 free printable template

Get Form
This form is used by businesses to provide detailed financial information to the IRS when applying for an Offer in Compromise, including business assets, income, expenses, and other relevant data.
pdfFiller is not affiliated with IRS

Get, Create, Make and Sign IRS 433-B OIC

Edit
Edit your IRS 433-B OIC form online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share
Share your form instantly
Email, fax, or share your IRS 433-B OIC form via URL. You can also download, print, or export forms to your preferred cloud storage service.

Editing IRS 433-B OIC online

9.5
Ease of Setup
pdfFiller User Ratings on G2
9.0
Ease of Use
pdfFiller User Ratings on G2
Follow the steps down below to take advantage of the professional PDF editor:
1
Create an account. Begin by choosing Start Free Trial and, if you are a new user, establish a profile.
2
Simply add a document. Select Add New from your Dashboard and import a file into the system by uploading it from your device or importing it via the cloud, online, or internal mail. Then click Begin editing.
3
Edit IRS 433-B OIC. Add and change text, add new objects, move pages, add watermarks and page numbers, and more. Then click Done when you're done editing and go to the Documents tab to merge or split the file. If you want to lock or unlock the file, click the lock or unlock button.
4
Save your file. Choose it from the list of records. Then, shift the pointer to the right toolbar and select one of the several exporting methods: save it in multiple formats, download it as a PDF, email it, or save it to the cloud.
With pdfFiller, it's always easy to work with documents. Try it out!
Uncompromising security for your PDF editing and eSignature needs
Your private information is safe with pdfFiller. We employ end-to-end encryption, secure cloud storage, and advanced access control to protect your documents and maintain regulatory compliance.
GDPR
AICPA SOC 2
PCI
HIPAA
CCPA
FDA

IRS 433-B (OIC) Form Versions

Version
Form Popularity
Fillable & printabley
4.3 Satisfied (25 Votes)
4.1 Satisfied (53 Votes)
4.8 Satisfied (175 Votes)
4.3 Satisfied (128 Votes)
4.2 Satisfied (71 Votes)
4.4 Satisfied (78 Votes)
4.4 Satisfied (140 Votes)
4.4 Satisfied (149 Votes)
4.4 Satisfied (101 Votes)
4.4 Satisfied (248 Votes)

How to fill out IRS 433-B OIC

Illustration

How to fill out form 433-b oic rev

01
Start by downloading Form 433-B (OIC) Rev from the IRS website.
02
Fill out your personal information at the top of the form, including your name, social security number, and address.
03
Provide information about your employment status, including your employer's name and address.
04
Declare your monthly income from all sources in Part 2 of the form.
05
List your monthly expenses, such as housing, utilities, food, and other necessary expenses.
06
Provide details about your assets, including bank accounts, real estate, and retirement accounts in Part 3.
07
Complete any additional sections as required, ensuring all information is accurate.
08
Review the entire form for completeness and correctness.
09
Sign and date the form to certify the information provided is true.
10
Submit the form to the appropriate IRS address as indicated in the instructions.

Who needs form 433-b oic rev?

01
Individuals or businesses who owe taxes and wish to make an Offer in Compromise (OIC) to settle their tax liability with the IRS.
02
Taxpayers who are unable to pay their taxes in full due to financial hardship.
03
Those who want to formally communicate their financial situation to the IRS to negotiate a lower payment.

Form 433-B OIC Rev Form: A Complete How-to Guide

Understanding Form 433-B OIC: Overview and significance

Form 433-B OIC, formally known as the Offer in Compromise (OIC), is a vital document utilized by those seeking to settle their tax liabilities with the IRS for less than the full amount owed. This form serves as an official request, allowing taxpayers simplicity when dealing with complex tax situations. Such resolutions are especially significant for individuals and businesses facing financial distress.

The importance of Form 433-B OIC cannot be overstated; it represents a second chance for taxpayers striving to regain financial stability. Situations leading to the need for this form can include significant income loss, unexpected medical expenses, or overwhelming debt that renders individuals unable to meet their tax obligations. Understanding how to use this form effectively is the first step toward a successful compromise.

Who should complete Form 433-B OIC?

Eligibility to complete Form 433-B OIC extends to both individuals and businesses experiencing socioeconomic challenges. The IRS typically requires this form from businesses with unpaid tax liabilities, especially when those liabilities are substantial and overwhelming for the business to manage. Individuals who feel unable to pay their federal tax debts due to financial hardship might also be encouraged to explore this option.

Distinguishing between Form 433-B OIC and other IRS forms is crucial; while there are various forms aimed at resolving tax issues, this particular form focuses specifically on proposing a compromise based on the taxpayer’s current financial situation. Knowing which form is applicable can significantly influence the resolution process.

Obtaining and preparing Form 433-B OIC

To obtain the most up-to-date version of Form 433-B OIC, taxpayers can visit the official IRS website or utilize platforms like pdfFiller that offer easy access and editing capabilities for necessary tax documents. Downloading the form is straightforward, but preparing to complete it requires diligence and organization.

Preparation includes gathering essential documents such as previous tax returns, financial statements, and any supporting documentation that depicts the taxpayer’s current financial health. Effective strategies for gathering financial information include creating a checklist of required documents, categorizing them logically, and ensuring that all data is current and accurate.

Key do's before filling out Form 433-B OIC

Before diving into completing Form 433-B OIC, it’s essential to take several preparatory steps. Firstly, review previous tax returns and any communications received from the IRS to understand your overall standing. This establishes a starting point and can help identify any discrepancies or concerns that need to be addressed.

Secondly, a clear understanding of your financial situation is paramount. List all assets, liabilities, monthly income, and expenses methodically. Taking the time to organize personal and business documentation not only streamlines the filling process but also prepares you for potential follow-up questions from the IRS.

Filling out Form 433-B OIC: A section-by-section breakdown

Filling out Form 433-B OIC requires attention to detail across its various sections. Each section plays a vital role in representing your financial situation to the IRS and should be completed meticulously.

Section 1: Business information

Here, you’ll be required to provide detailed insights regarding your business structure, ownership, and operations. It is crucial to be transparent, as any inaccuracies can lead to delays or rejections.

Section 2: Business contact personnel

This section requires listing primary contacts associated with your business. Providing accurate contact information is essential for maintaining clear lines of communication with the IRS regarding your offer.

Section 3: Financial overview

In this part, you'll summarize your financial position, including assets, liabilities, income, and expenses. It is crucial to ensure all figures reflect the most current data available.

Section 4: Asset and liability information

Accurately listing all assets is vital for providing a true picture of your financial standing. This serves as the foundation for calculating your Offer in Compromise and reflects your ability to pay.

Section 5: Monthly income and expense statement

Documenting all income sources along with necessary expenses is critical here. The IRS expects a clear representation of your financial transactions, which assists in evaluating your request.

Section 6: Calculating your minimum offer

Understanding how to compute a realistic Offer in Compromise is pivotal. Steps should involve a clear analysis of both personal and business finances. The methodology differs for individuals versus businesses, and ensuring accuracy here will significantly impact the offer's acceptance.

Section 7: Signatures and final steps

Proper signatory authority is critical in finishing off the application. Ensure that signatures are obtained from authorized individuals within the business realm to avoid any delays in processing.

Common mistakes to avoid when submitting Form 433-B OIC

Common pitfalls can lead to rejection or delays in processing your Form 433-B OIC. One major error is miscalculating financial data, which can dramatically affect the assessment of your financial situation. Ensuring all calculations are correct and consistent is key.

Another frequent mistake is failing to include required signatures or certain pieces of information. Incomplete submissions will often result in requests for additional data, prolonging the resolution process. Additionally, neglecting to adhere to IRS guidelines for supporting documents can be detrimental, so familiarize yourself with these requirements thoroughly.

What happens after submitting Form 433-B OIC?

Upon submission of Form 433-B OIC, the IRS engages in a thorough review process where they evaluate the provided information against your reported financial situation. The expected outcomes can range from acceptance of your offer to requests for further information, which may require follow-ups.

Timelines for responses can vary based on the complexity of the case and the volume of submissions under evaluation by the IRS. It’s important to remain flexible and prepared for any communications requesting additional clarification or documentation as your case progresses.

When to seek professional help?

There are specific scenarios that might signal the need for professional assistance while working through Form 433-B OIC. Identifying red flags such as significant tax debt or complex financial situations usually indicates a need for expert guidance.

Consulting tax professionals or attorneys can be extremely beneficial. They can provide insights on both strategy and best practices for presenting your financial situation. Moreover, leveraging tools such as pdfFiller can streamline the documentation process, allowing for seamless huddling and management of relevant paperwork.

Real success stories: Implementing Form 433-B OIC

Several case studies highlight successful implementations of Form 433-B OIC, showing the potential positive outcomes of following the right procedures. Many individuals and businesses have effectively negotiated their tax liabilities through careful preparation and precise submissions.

Learning from previous clients emphasizes the necessity of accuracy, transparency, and patience when dealing with the IRS. Their experiences serve as proof that, when executed properly, using Form 433-B OIC can lead to significant financial relief and long-term stability.

FAQs on Form 433-B OIC

Queries surrounding Form 433-B OIC often arise, highlighting common concerns among taxpayers. One frequently asked question is how often someone can submit an OIC. Generally, individuals can submit multiple proposals as financial circumstances change, but each submission entails additional scrutiny.

Another prevalent question pertains to changes in financial circumstances after submission. It is crucial to communicate such changes to the IRS, as unsolicited adjustments can invalidate the current offer. Alternatives to Form 433-B OIC, such as installment agreements, also merit consideration when evaluating options for tax resolution.

Get started: Schedule a consultation

For taxpayers eager to manage their tax documentation more effectively and speedily, reaching out for professional assistance can prove invaluable. Platforms like pdfFiller facilitate easy collaboration with tax professionals, ensuring all necessary forms are completed accurately and submitted on time.

Taking immediate action towards tax resolution is crucial. Every day that passes could further complicate your tax situation, so connecting with professionals facilitates a proactive approach towards financial relief.

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...

Fill form : Try Risk Free
Rate the form
4.3
Satisfied
25 Votes

People Also Ask about

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

For pdfFiller’s FAQs

Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.

IRS 433-B OIC can be edited, filled out, and signed with the pdfFiller Google Chrome Extension. You can open the editor right from a Google search page with just one click. Fillable documents can be done on any web-connected device without leaving Chrome.
Yes, you can. With pdfFiller, you not only get a feature-rich PDF editor and fillable form builder but a powerful e-signature solution that you can add directly to your Chrome browser. Using our extension, you can create your legally-binding eSignature by typing, drawing, or capturing a photo of your signature using your webcam. Choose whichever method you prefer and eSign your IRS 433-B OIC in minutes.
Download and install the pdfFiller iOS app. Then, launch the app and log in or create an account to have access to all of the editing tools of the solution. Upload your IRS 433-B OIC from your device or cloud storage to open it, or input the document URL. After filling out all of the essential areas in the document and eSigning it (if necessary), you may save it or share it with others.
Form 433-B OIC (Rev) is a financial statement used by taxpayers to provide detailed financial information to the IRS when applying for an Offer in Compromise (OIC), which is a settlement option for individuals unable to pay their tax liabilities.
Businesses and certain entities that owe back taxes and wish to settle their debts through an Offer in Compromise with the IRS must file Form 433-B OIC (Rev).
To fill out Form 433-B OIC (Rev), taxpayers should gather their financial documents, complete the required sections regarding business income and expenses, assets, and liabilities, and provide any additional supporting documentation as requested by the IRS.
The purpose of Form 433-B OIC (Rev) is to allow businesses to detail their financial situation and request a settlement of their tax debt with the IRS through an Offer in Compromise.
Form 433-B OIC (Rev) requires information such as business income, expenses, assets, bank account details, and information about the business ownership and liabilities.
Fill out your IRS 433-B OIC online with pdfFiller!

pdfFiller is an end-to-end solution for managing, creating, and editing documents and forms in the cloud. Save time and hassle by preparing your tax forms online.

Get started now
Form preview