Taxpayers using aForm 433-F usually make their income from wages or independent contractor income. Form 433-A(OIC),Collection Information Statement for Wage Earners and Self-employedIndividuals: Form 433-A(OIC) is usedby individual taxpayers who are applying for an Offer in compromise.

What is the purpose of Form 433-A?

Form 433-A is used to obtain current financial information necessary for determining how a wage earner or self-employed individual can satisfy an outstanding tax liability.

Who qualifies for an offer in compromise?

More In Help 202. To qualify for an OIC, the taxpayer must have filed all tax returns, made all required estimated tax payments for the current year, and made all required federal tax deposits for the current quarter if the taxpayer is a business owner with employees.

Where do I send my 433-A?

Make sure to sign and date section four before sending your form to the IRS.

Can I do an offer in compromise myself?

Can’t I do it myself and save myself money? If you have a very case and you are really good at following rule and procedures, then sure. Otherwise, you will likely find frustration and may set yourself back. The main reason in that an Offer in Compromise is very much like an audit on your income and assets.

How long can you stay in uncollectible status with the IRS?

IRS currently non-collectible status generally lasts anywhere from six months to over two years. In order for the IRS to deem that a taxpayer account is non-collectible, the taxpayer must demonstrate a severe and apparent economic hardship.

How do you qualify for currently not collectible status?

To qualify for currently-not-collectible status, you’ll need to either contact the IRS directly or hire a tax professional to contact the agency on your behalf. You’ll need to provide information about your income and expenses, and you may need to provide documentation of these as well.

What is form 433-A (OIC)?

Form 433-A (OIC) (Rev. May 2012) Department of the Treasury — Internal Revenue Service Collection Information Statement for Wage Earners andSelf-Employed Individuals

Do I need to fill out form 433-f?

The IRS may require individuals who work a traditional job, as well as self-employed individuals, to complete Form 433-A. However, in most cases today, the IRS is requesting Form 433-F.

What is form 433-A for offers in compromise?

For Offers in Compromise, the IRS is requesting 433-A (OIC) updated March 2019 and 433-B (OIC), which is for businesses. All individuals must complete the first four sections of Form 433-A, whether they are traditionally employed or self-employed. If a husband and wife jointly owe the unpaid taxes, both spouses must complete the form.

How do I fill out an OIC form?

Fill out your bank names, account numbers and check the account type in the first two parts of this section. For line 1 (a) and 1 (b), list your actual bank balances, rounded up to the nearest dollar. If you have more bank accounts make a separate attachment to add to the OIC.