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. 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. If you're not sure also usually found on your business tax returns section three is going to be for businesses who are also employers. So this is only if you have employees that are being paid on a w-2 that you are withholding taxes from you. You're going to put in how many employees you have how much your monthly gross payroll is not your net number this is your gross number how often you're making your tax deposits and whether you're doing that through the FTPS system online with the IRS. Question four is asking you if you engage in e-commerce or internet sales. And...
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How to prepare Form 433-B
About Form 433-B
Form 433-B, also known as the Collection Information Statement for Businesses, is a financial document required by the Internal Revenue Service (IRS) in the United States. This form is used to gather detailed financial information about a business that owes back taxes or is unable to pay its tax liabilities in full. Form 433-B is primarily used by businesses to provide a comprehensive overview of their financial situation, including assets, liabilities, income, expenses, and cash flow. It requires the business owner to disclose information about bank accounts, receivables, investments, vehicles, real estate, and other assets, as well as details about outstanding loans, taxes owed, and expenses. The form is typically required when a business is seeking an installment agreement or an offer in compromise from the IRS to settle their tax debts. It provides the IRS with a clear understanding of the business's financial status and helps determine the taxpayer's ability to make payments or negotiate a settlement arrangement. In summary, Form 433-B is necessary for businesses that owe taxes and are unable to pay in full. It helps the IRS evaluate the business's financial situation and determine appropriate payment options or debt settlement agreements.
What Is 433b?
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