The IRS uses collection information statement forms to gather financial information about delinquent taxpayers and determine their ability to pay a tax debt before approving requests for tax relief or to temporarily delay collection. The 433 forms ask for details regarding your monthly income plus your expenses and assets values, including home/real estate, cars/vehicles, bank accounts, investments, and more.
This post discusses the different 433 collection information forms the IRS uses to gather financial info from taxpayers.
IRS Form 433A
Form 433A is a document that the IRS requires if you owe taxes and cannot pay them in full. This version of the 433 forms is specifically for wage earners and self-employed individuals. If you want to resolve your tax debt for less than what you owe with an Offer in Compromise, you must complete and submit Form 433A OIC.
IRS Form 433A is a six-page document to collect personal and financial information, including:
- Name, birth date, SSN, and driver’s license number
- Employment details
- Gross monthly income and expenses
- Personal assets, including home, cars, bank balances, investments
- Lawsuits pending (if applicable)
IRS Form 433B
If your business has a tax debt that you intend to resolve via an IRS payment plan or installment agreement, you will complete Form 433B. You will also use this form to temporarily delay tax payments due to hardship. Like 433A, 433B is also a six-page collection information statement document. However, it requires specifics about your business.
Some of the requested business details for IRS 433B include the following:
- Business name
- Industry
- Date formed
- Number of employees
- Name, phone number, and SSN for all stakeholders, such as board members, shareholders, and partners
- Business debts
- Bank accounts and available credit
- Business assets, including property, equipment/tools, vehicles
- Total monthly income and expenses
- Lawsuits pending (if applicable)
- Bankruptcy proceedings (if applicable)
IRS Form 433F
The IRS uses a Form 433F collection information statement to gain in-depth insights into delinquent taxpayers who request a tax resolution payment plan for their back taxes. The information the IRS collects from 433F helps determine a taxpayer’s eligibility for each IRS payment plan.
The following are some of the scenarios when you might need to complete Form 433F if you are applying for a payment plan:
- When making payments on tax debt over $50,000
- If your proposed monthly payment is too little to pay off your full tax debt in 72 months
- If you owe $25,000 – $50,000 and do not want to pay via direct debit
- If you want to request hardship status to temporarily stop IRS collections
When filling out IRS 433F, make sure you include basics such as your personal information and SSN. If you are completing the form for a business, you will need to add business name, EIN, business type, and number of employees. Like the other 433 forms, you will also be asked to include financial details about monthly income and expenses, as well as assets.
IRS Form 433H
IRS Form 433H, or Installment Agreement Request and Collection Information Statement, is used to request IRS relief when you cannot afford to pay a tax debt.
For you to qualify for relief with 433H, your tax debt must meet the following requirements:
- You are a wage-earning employee
- Your outstanding tax balance exceeds $50,000
- You cannot pay this balance within the next 72 months.
IRS Form 433H has two main parts that you must fill out:
Part 1: Installment Agreement Request: Installment agreements are tax relief that allows delinquent taxpayers to resolve their tax debt by making monthly payments instead of paying the debt in full with a single payment. When filling out this section, include how much you owe in taxes, the date your payment was due, the amount you can afford to pay each month, the day of the month you would like to pay, and more.
Part 2: Collection Information Statement: When filling out this section, list all your income, assets, and expenses so that the IRS can calculate your ability to pay your tax debt and how much you should pay every month.
If you have a mounting tax debt that you cannot pay right away, you can tap into one of the IRS tax relief programs.
Determining which 433 form to fill out when faced with a tax debt can be challenging. If you need help selecting and submitting IRS collection information statement forms, we can help. You can start online by answering 6 simple questions. We never charge for ‘investigations’ or consultations. You can also call us at 866-568-4593.
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