MI Form 433-B 2025

MI Form 433-B: What You Should Know

Information for Business Name(s) This section is where you provide your business title. If it's a corporation, it's a corporation's name! If there's a partnership, you indicate it is a partnership. The IRS wants to know the name of your business entity. That will help determine the amount of your payment agreement. 2. Annual Business Income There are two ways to report your business income here. A) If it's a C corporation your business profits and losses are reported to the IRS and there's no additional step when you submit the Form 433-B(ii). B) If you are an S corporation (or any type of shareholder) your net profit is reported, so Form 433-B has to be filed. If one of your profits is a net loss, you have to subtract the business expenses as well. It's a good idea to put a check mark (✓) for net losses in the annual income section. This will show that you're not intentionally minimizing your business expenses. If you have more cash in the business (you made money over certain amounts), you need to report that in your income section.  3. Net Operating Income or Gross Operating Income If you are a taxpayer with a significant amount of income (the federal gross income of more than 400,000), you also have to indicate what percentage of that is from your own business. The IRS asks about the total amount of gross operating income as well. 4. Income from Real Property (Section 3) This section is for individuals who aren't self-employed. It does not identify the purpose of the real property, but if you're an S corporation (or any other shareholder), you need to report it on Form 523. Otherwise, you don't need to file it. 5. Income from Property, Furnishings, and Equipment (Section 4) This is for businesses that use personal and/or business assets owned exclusively by the corporation. You're allowed 15% of gross operating income from property and furnishings for this section if your corporation is a sole proprietorship or partnership, and you're an individual that's not a member of a partnership. You also need to report your home, car, house, and boat, etc. on Form 523. The Taxation of Net Operating Income from Property, Furnishings, and Equipment — The IRS Section 4a—Net operating income from property and furnishings.

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