Glossary

Form 433-B

Form 433-B is the collection information statement for businesses, disclosing the entity's income, expenses, assets, and liabilities when a business owes taxes or applies for an Offer in Compromise.

How it works

Form 433-B is the collection information statement for businesses: entity details, officers, income, expenses, receivables, assets, and liabilities. Corporations, partnerships, and LLCs seeking payment arrangements above the streamlined limits file it, and its OIC version accompanies a business offer. The IRS compares it to bank records and filed returns.

Why it matters

Payroll tax debts usually require the business statement and personal statements from responsible persons at the same time, because the trust fund portion can be assessed personally.

Related: trust fund recovery penalty.

Related terms

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Where this comes up in our work

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Definitions are general information, not legal advice, and may not reflect the most recent changes in law.

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