Form 433-B: Collection Information Statement for Businesses
Definition: Form 433-B is the IRS financial statement required from businesses (corporations, partnerships, LLCs) when applying for payment plans, Offers in Compromise, or hardship status. It details income, expenses, assets, liabilities, and cash flow to determine what the IRS can reasonably collect.
Why It Matters: Accurate 433-B data prevents rejected installment agreements, lowballed OICs, or unnecessary levies. Overstating expenses or hiding assets risks audits; understating can lead to unaffordable payments. If IRS notices (CP504, CP90) threaten your business, this form is your defense. Omni Tax Help compiles your 433-B with bank statements, P&L reports, and asset valuations—negotiating sustainable terms that protect operations and cash flow.
Key Sections:
- Business Info: Revenue, payroll, accounts receivable/payable.
- Assets: Equipment, real estate, vehicles (with appraisals).
- Monthly Income/Expenses: Net profit after allowable costs.
What to Do Next:
- Gather 3–6 months of financial docs.
- Submit with Form 656 (OIC) or 9465 (IA)—we verify every line.
- Update annually if in a plan.
Business survival starts with transparent finances. Our experts file 433-B daily to secure relief—contact us for a free review and keep your doors open.
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