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Federal input screens

Screen 433-2 - Collection Information Statement, Page 2 (1040)

Overview

Use this screen to enter information for a collection information statement filed by self-employed individuals and offer in compromise applicants. Also customize Form 433 filing instructions on this screen.

Self-Employed Information

Enter information in this section to complete the self-employed information for the Form 433 series.
Enter
T
,
S
, or
J
 to indicate whether the person filing the Form 433 is the taxpayer or the spouse, or if it is being filed jointly.
Select the activity form and unit from the fieldview for which you want to share information entered on the C, Rent, or F screen. Leave this field blank to enter information for a business that isn't entered on these screens. The name of the business is automatically entered based on the chosen Form / Unit.
Enter the business' trade name or DBA.
Enter
1
 if the business is a Federal Contractor, or
2
 if the business is not.
Enter the business website address.
Enter the number of employees the business employs, not including the owner or owners.
Enter the average gross monthly payroll of the business.
Enter the frequency by which tax deposits are made by the business.
Use this statement to enter information about the client's other business interests.
  • Form / Unit
    : Select the activity form and unit from the fieldview for this column for which you want to share information entered on the C, Rent, or F screen. Leave this field blank if you want to enter information for a business not entered on these screens.
  • Name
    : The name of the business is automatically entered based on the chosen Form / Unit.
  • Ownership Percentage
    : Enter the percentage of ownership the client has in the business. For example, if the client has 100% ownership, enter 100.
  • Other Business Type Description
    : If you entered
    4
     in the
    Type of Business
     column, enter a description of the type of business in this field.
Use this statement to enter information about payment processors for businesses who engage in Internet sales/e-Commerce.
Use this statement to enter information about credit cards accepted by the business.
  • Credit Card Type
    : Enter the type of credit card. For example,
    Visa
     or
    MasterCard
    .
Use this statement to enter information accounts receivable and notes receivable to the business.
  • Code
    : Enter
    1
     for accounts receivable or
    2
     for notes receivable.
  • City
    : Enter the city name.
  • Status
    : Enter the current status of the receivable.
Enter the total amount of accounts receivable currently available to pay the IRS.

Business Income and Expenses

In this section, enter information to record the monthly income and expenses of the business.
Accounting Methods and Periods
Enter the accounting method in this field. If left blank, UltraTax CS defaults to the cash method of accounting.
Enter the period during which the reported business income and expense amounts are recorded.
Income
Use this statement to enter information about other sources of cash receipts that weren't previously entered.
Expenses
Use this statement to enter information about monthly materials purchased that are directly related to the production of a product or service.
Use this statement to enter information about repairs and maintenance.
  • Code
    : Enter
    1
     if the expense is vehicle related. When this column is blank, UltraTax CS defaults to reporting the expense as non-vehicle related.
  • Description
    : Enter the description of the expense.
  • Amount
    : Enter the monthly amount of the expense.
Use this statement to enter information about monthly taxes and licenses paid.
Use this statement to enter information about repairs and maintenance.
  • Code
    : Enter
    1
     if the expense is a secured debt. When this column is left blank, UltraTax CS defaults to reporting the expense as non-secured debt.

Filing Instructions

Enter information in this section to customize filing instructions for the Form 433 series.
Enter
X
 to include Form 433-F as an attachment to Form 9465 and disable the printing of separate Form 433-F filing instructions and slipsheets.
Enter
X
 when the applicable documents and payments are ready for submittal with the applicable Form 433, as well as all signature blocks have been signed by the client and the preparer.
Use this statement box to enter a description of all document attachments to be referenced in the Form 433 filing instructions. This is optional and only affects the filing instructions.
When you enter
2
 on the
Type of Collection Information Statement
 field on the 433 screen, the appropriate IRS office for mailing in Offer in Compromise applications is determined based on the postal code entered in the 1040 screen. This information can be overridden (or populated, if not filing an Offer in Compromise) by entering the applicable address information in this statement and set of fields.

Offer in Compromise (OIC)

Enter information in this section to complete Form 433-A (OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals.
  • Enter
    1
     if the offer will be paid in 5 months or less.
  • Enter
    2
     if the offer will be paid in more than 5 months.
If data is entered in this field, this amount is used instead of the amount calculated on Form 433-A (OIC), section 8.
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