Tax Dictionary – Collection Information Statement

IRS Definition

The IRS may ask you to complete a Collection Information Statement (Form 433-F, Form 433-A, or Form 433-B) and provide proof of your financial status (including information about your assets and your monthly income and expenses) before approving your request to delay collection.

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The IRS uses Collection Information Statements (Forms 433-F and 433-A) to gather financial information from taxpayers, including people who are self-employed. These forms ask for your monthly income and expenses and the value of any assets you have, such as bank accounts, real estate, stocks, etc.

The IRS uses these financial statements to figure out your ability to pay your balance in full or to make monthly payments if you don’t qualify for a guaranteed or streamlined installment agreement.

The IRS uses Form 433-B to determine a business’s ability to make payments.

Learn all the options you may have if you can’t pay your taxes.

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