How to Fill Out IRS Forms 433-A and 433-B

If you cannot pay your tax bill and need to ask the IRS for help resolving your tax debt or negotiating payment arrangements, you will need to complete IRS Form 433-A.

If you own a business and do not file Schedule C, then you must also complete IRS Form 433-B.

Collectively known as Collection Information Statements, Forms 433-A and 433-B provide the IRS with a detailed snapshot of your financial situation.

How to Fill Out Forms 433-A and 433-B

  1. Gather Necessary Documents:
    • Income statements (pay stubs, profit and loss statements, etc.)
    • Bank statements
    • Investment account statements
    • Tax returns
    • Asset documentation (real estate deeds, vehicle titles, etc.)
    • Liability documentation (loan statements, credit card statements, etc.)
  2. Provide Personal Information: name, address, Social Security number, and other identifying details. Ensure accuracy to avoid processing delays.
  3. Income Disclosure: Detail all sources of income, including wages, self-employment income, rental income, interest, dividends, and any other sources. For Form 433-B, provide detailed information about the business’s income, including gross receipts, sales, and other revenue streams.
  4. Asset Disclosure: List all assets owned by you or your business, including real estate, vehicles, bank accounts, investments, and valuable personal property, and provide accurate valuations.
  5. Expense Disclosure: Document your monthly expenses, including housing costs, utilities, transportation, food, healthcare, insurance premiums, and other necessary living expenses.
  6. Liabilities Disclosure: Detail all outstanding debts and liabilities, including mortgages, car loans, student loans, credit card balances, and other obligations.
  7. Additional Information: Both forms may require additional information specific to your financial situation. Be prepared to provide details about legal obligations, pending lawsuits, or other relevant factors.
  8. Review and Submit: Review them carefully to ensure accuracy and completeness. Double-check all figures and supporting documentation before submitting the forms to the IRS.

The good news is you don’t have to figure it all out alone. The experienced tax professionals at Highland Tax Group can help. Contact us today.