IRS Form 433-B (OIC) Collection Information Statement for Businesses

What Is IRS Form 433-B (OIC)?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on April 1, 2021. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 433-B?
A: IRS Form 433-B is the Collection Information Statement for Businesses.

Q: Why is IRS Form 433-B used?
A: IRS Form 433-B is used to provide detailed financial information about a business that owes taxes.

Q: Who needs to fill out IRS Form 433-B?
A: Businesses that owe taxes and are seeking to negotiate an offer in compromise with the IRS may need to fill out IRS Form 433-B.

Q: What is an offer in compromise?
A: An offer in compromise is an agreement between a taxpayer and the IRS to settle a tax debt for less than the full amount owed.

Q: What information is required on IRS Form 433-B?
A: IRS Form 433-B requires detailed information about the business's assets, liabilities, income, and expenses.

Q: Are there any filing fees for IRS Form 433-B?
A: No, there are no filing fees for IRS Form 433-B.

Q: What happens after I submit IRS Form 433-B?
A: After submitting IRS Form 433-B, the IRS will review the information provided and determine if an offer in compromise is a viable option.

Q: Can I negotiate with the IRS on my own?
A: Yes, you can negotiate with the IRS on your own, but it may be helpful to seek professional advice from a tax professional or attorney.