Form 433-A/433-B

Full Definition

Form 433-A (for individuals) and Form 433-B (for businesses) are Collection Information Statements required by the IRS when evaluating your ability to pay. These forms require detailed financial information including income, expenses, assets, liabilities, and bank account information. The IRS uses this information to calculate your Reasonable Collection Potential and determine if you qualify for resolution options like Offer in Compromise, partial payment installment agreements, or Currently Not Collectible status.