Collection Information Statement (Form 433-A)

Collection Information Statement (Form 433-A)

The Collection Information Statement (Form 433-A) is a document used by the Internal Revenue Service (IRS) to assess an individual taxpayer’s financial situation. It provides detailed information about the taxpayer’s income, expenses, assets, and liabilities. This form is typically required when a taxpayer is seeking to resolve tax debts through installment agreements or offers in compromise, allowing the IRS to evaluate the taxpayer’s ability to pay and determine the most appropriate collection action.

The Form 433-A includes sections that ask for personal information, employment details, monthly income, living expenses, and a summary of assets such as bank accounts, real estate, and vehicles. Accurately completing this form is crucial for negotiating with the IRS effectively.