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IRS Form 433-B: Fill it Right the First Time

Audrey Goodwin

2024-04-18 11:56:27 • Filed to: Other IRS Forms • Proven solutions

IRS Form 433-B is the Collection Information Statement for Business Form issued by the Internal Revenue Service which is used by the IRS to capture business information of taxpayers.

Your Best Solution to Fill out IRS Form 433-B

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To fill out your form, all you need do is to open the IRS Form 433-B in PDFelement and use the program to fill it. It is a highly rated software which can perform tasks involving checking of boxes, selections involving radio buttons etc if they are present in the PDF forms and is supported by Windows and Mac operating systems.

Instructions for How to Complete IRS Form 433-B

The IRS Form 433-B is a 6 page form comprising 5 sections with a lot of check boxes. Filling it out using PDFelement is easy by following the steps below.

Step 1: The form can be obtained from the treasury department but for the purpose of filling it electronically, download it from the official website and open and start filling it using PDFelement form filler program.

Step 2: Section 1 is the business information section. Write your business name and business address in 1a and 1b respectively. The business street address consists of street, mailing address, city, state and zip code. Complete the No1 part by entering your business telephone number, type of business and your business website in 1d, 1e and 1f respectively. In number 2a, enter your employment identification number and select the type of entity by checking the appropriate box on number 2b.

Write the date incorporated and established in the following pattern; month-day-year on 2c. You are expected to say the number of employee, the monthly gross payroll, frequency of tax deposit and if the business is enrolled in the electronic federal tax payment system from 3a to 3d. Note that 5a and 5b will only be completed if you check the yes box on 4. If yes enter the payment processor and the account number in their columns otherwise proceed to 6a, 6b and 6c and write the type of credit card accepted by the business.

Step 3: Complete Section 2 which is the Business Personnel and contacts. It includes the partners, contacts, major shareholder etc. For each of these personnel and contacts, write the name, title, home address, city, state, zip, social security number and other information required from 7a to 7d. You are expected to answer if they are responsible for depositing payroll taxes by checking the yes or no boxes.

Step 4: Fill out Section 3- Other Financial Information. Check yes on line 8 if the business uses a payroll service provider, then write the name, address and the effective date. If you check yes from line 9 to 14, then answer the corresponding questions. If no, then leave it unanswered.

Step 5: Complete the Assets and Liability Section on Section 4. On line 16a, enter the cash on hand. Note that the cash on hand is inclusive of cash that is not in the bank. If there is a safe on the business premises, write the contents in the space provided else proceed to 17a to 17c and write the business bank accounts. Write the type of account, the full name and the address of the bank, the account number and the account balance as at the date of writing. Total all the cash and enter figure on 17d. You can get the total by adding 17a through 17c and any other amount from any attachment.

18a to 18e is the account note receivable and you are to list all contracts awarded but not started. Enter the name and address, status, due date, invoice or contract number and amount due for each of the contracts. Get the outstanding balance by adding lines 18a through 18e and entering the amount on 18f. Fill investments on 19a to 19b and enter the total on 19c. Follow through for available credit, real property 21a to 21d, vehicle leased and purchased from 22a to 22e, business equipment and intangible assets from 23a to 23h and business liabilities from 24a to 24c.

Step 6: Fill out Section 5-Monthly Income/Expenses statement for Business. Enter the gross monthly amount from the income sources from 25 to 34 and the actual monthly amount from the expense items from lines 36 to 49

Step 7: Read the certification statement and sign your signature, write title and enter the date at the appropriate column then print name of officer, partner or LLC member accordingly.

Tips and Warnings for IRS Form 433-B

Note that Utilities include gas, electricity, water, oil, trash collections, fuel, cell phone, telephone and business internet.
By putting up your signature on this form, you are certifying under penalties of perjury that the statement of assets, liabilities and other information is true, correct and complete to the best of your knowledge.
Failure to complete all entry spaces with the current data or "NA" (not applicable) may lead to rejection of your request.