On this week’s episode of the Tax Rep Network Podcast, Eric chats briefly about Form 433—specifically, how to complete it. For those who have experience working with OICs (offer-in-compromise) and installment agreements, it’s common knowledge that the tax industry pretty much starts and ends with Form 433. As such, completing it correctly is imperative.
For those who are unfamiliar with Form 433, it’s the collection information statement that the IRS uses. It’s a financial statement—pure and simple—and there are different versions of it.
For example, there’s a 433-F and H—both used for automated collections for campuses. The F is if you’re arguing for an uncollectible; the H is if you’re requesting a payment plan.
Additionally, there’s a 433-A and B. A is for individuals and B is for businesses and offers. There’s also a 433-A (OIC) and a 433-B (OIC).
Recently, Eric went back over all the offer-in-compromise workshops he’s done throughout the past three years. He boiled the thousands of questions down to the top 100 and wrote up answers, including citations to the code, the regs, and the internal revenue manual. This information assisted him in writing his new guide, which will be available December 1, 2021.
If you’d like to learn more about Form 433, don’t miss the full podcast episode—available now! You can also register for Eric’s Form 433 workshop, taking place on November 29, 2021, which will help tax pros become offer masters. For your convenience, links have been posted below. Enjoy!
Want the new Insider’s Guide to IRS Offers? Grab it here: https://tgpublish.com/
Register for the Form 433 workshop on 11/29 here: https://taxrepllc.com/program-20211129-433/
Sign up for more episodes here: https://taxrepllc.com/subscribe-tax-rep-network-podcast/