How to Complete Form 433-B (OIC) Section 7 Signatures, Dates, Final, Checklist
Oct 30, 2024
This video provides step-by-step instructions on how to complete the forms needed to submit an Offer in Compromise. The instructions in this video are up-to-date but your form may look different from the images shown. Visit IRS.gov/OIC for the current form and more information.
Signatures, Dates and Final Checklist.
Last part, section 7, Signatures.
It's very easy here.
The business owner should sign and put their title and date on the document.
Forgetting to sign your form 433B-OIC is a common mistake and will cause a significant
delay in processing your offer.
The form also has a checklist at the end for help.
Make sure you include all applicable attachments and signatures.
Let's briefly go through them.
A current profit and loss statement covering at least the most recent 6-12 months period,
if appropriate.
Copies of the 6 most recent bank statements for each business account.
And copies of the 3 most recent statements for each investment and retirement accounts.
If an asset is to be used as collateral in a loan, include copies of the most recent
statement from lenders on loans, monthly payments, loan payoffs and balances.
Copies of the most recent statement of outstanding notes receivable.
Copies of the most recent statements from lenders on loans, mortgages,
including second mortgages, monthly payments, loan payoffs and balances.
Copies of relevant supporting documentation of the special circumstances
described in the Explanation of Circumstances on Form 656, if applicable.
Attach a Form 2848, Power of Attorney, if you would like your attorney, CPA or
enrolled agent to represent you and you do not have a current form on file with the IRS.
Make sure the current tax year is included.
Completed and current.
Signed Form 656.
This ends the video.
Thanks for watching.