Negotiating a Resolution To Your IRS Debt: What Is A Collection Information Statement?
Updated: Jul 29, 2021
By: Brian Barto, EA
When working with the IRS to resolve your tax debt, often the IRS will ask you to prepare and submit a Collection Information Statement. The Collection Information Statement (CIS) reports your total household gross income and also includes your household allowable expenses. The IRS will use this information to determine how much they expect you to pay.
The CIS will be used for calculating the required payment for an Installment Agreement (payment plan), or the amount the IRS will accept for an Offer-In-Compromise. The CIS will also be prepared if you are suggesting your account be put in “Uncollectible” status. Uncollectible status can be achieved if you can prove you have NO ability to pay the IRS debt.
There are several different forms. The resolution option you are proposing and the IRS division you are dealing with will dictate which form you will be required to submit. There is also an additional form if you own a business. Here is a brief explanation of each type of Collection Information Statement and when you would use each.
Form 433-A: This form is used if your account is assigned to an IRS Field Collections Officer and you are a wage earner or self-employed.
Form 433-F: This form is used if you are dealing with the Automated Collections Service (ACS).
Form 433-B: This form will be required if you own a business entity.
Form 433-H: This form will be used if you are a wage earner (not a business owner) and are requesting a Regular Installment Agreement. This form combines the Installment Agreement Request and the Collection Information Statement.
If you have tax debt you are hoping to resolve and need assistance, our firm works with clients in Winchester, VA, and the surrounding area.
At Tax Debt Resolution Services of Winchester VA, we help you eliminate your IRS issues and the stress the IRS has created in your life and help you get back to doing what you do best! We help our clients in Winchester, VA to resolve their tax debts! If you need assistance please feel free to contact me at 540-662-4432 or firstname.lastname@example.org.
24 Weems Lane
Winchester, VA 22601