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Screen 433-2 - Collection Information Statement, Page 2 (1040)
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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.
T, S, J
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.note
This field requires data entry to calculate any Forms 433.
Self-employed business / Form / Unit
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.
DBA
Enter the business' trade name or DBA.
note
This column is not used for Form 433-F.
Is the business a federal contractor?
Enter
1
if the business is a Federal Contractor, or 2
if the business is not.note
This column is only used for Form 433-A.
Website
Enter the business website address.
note
This column is only used for Form 433-F.
Number of employees
Enter the number of employees the business employs, not including the owner or owners.
Monthly payroll
Enter the average gross monthly payroll of the business.
note
This column isn't used for Form 433-F.
Frequency of tax deposits
Enter the frequency by which tax deposits are made by the business.
note
This column isn't used for Form 433-F.
Other business interests
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 entered4in theType of Businesscolumn, enter a description of the type of business in this field.
note
This statement is only used for Form 433-A (OIC).
Payment processors
Use this statement to enter information about payment processors for businesses who engage in Internet sales/e-Commerce.
note
This statement is only used for Form 433-A.
Credit cards accepted
Use this statement to enter information about credit cards accepted by the business.
- Credit Card Type: Enter the type of credit card. For example,VisaorMasterCard.
note
This statement isn't used for Form 433-A (OIC).
Accounts/Notes receivable
Use this statement to enter information accounts receivable and notes receivable to the business.
- Code: Enter1for accounts receivable or2for notes receivable.
- City: Enter the city name.noteThe Address, City, State, and ZIP columns aren't used for Form 433-A (OIC).
- Status: Enter the current status of the receivable.noteThis column is only used for Form 433-A.
Accounts receivable available to pay IRS now
Enter the total amount of accounts receivable currently available to pay the IRS.
note
This field is only used for Form 433-F.
Business Income and Expenses
In this section, enter information to record the monthly income and expenses of the business.
Accounting Methods and Periods
Accounting method used
Enter the accounting method in this field. If left blank, UltraTax CS defaults to the cash method of accounting.
note
When you enter the unit number in the
Unit
field, data entry is transferred from the C, Rent, or F screens to this statement.Income and expense period: From / To
Enter the period during which the reported business income and expense amounts are recorded.
Income
Other cash receipts
Use this statement to enter information about other sources of cash receipts that weren't previously entered.
note
This statement is used only for Form 433-A. If filing Form 433-A (OIC) or Form 433-F, information entered in this field is reported as Other income.
Expenses
Materials purchased
Use this statement to enter information about monthly materials purchased that are directly related to the production of a product or service.
Repairs and maintenance
Use this statement to enter information about repairs and maintenance.
- Code: Enter1if the expense is vehicle related. When this column is blank, UltraTax CS defaults to reporting the expense as non-vehicle related.noteThis column is only used for Form 433-A (OIC).
- Description: Enter the description of the expense.
- Amount: Enter the monthly amount of the expense.
Current taxes
Use this statement to enter information about monthly taxes and licenses paid.
Other expenses
Use this statement to enter information about repairs and maintenance.
- Code: Enter1if the expense is a secured debt. When this column is left blank, UltraTax CS defaults to reporting the expense as non-secured debt.noteThis column is only used for Form 433-A (OIC).
Filing Instructions
Enter information in this section to customize filing instructions for the Form 433 series.
File Form 433-F with Form 9465
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.note
- When Form 9465 is filed along with Form 1040 and Form 433-F is attached, e-filing is disabled.
- When 433-F isn't printing or when Form 433-F is printing and this box is blank, the applicable Form 433 prints separately from the tax return with its own unique filing instructions and slipsheets.
All forms completed, documents/payments attached, with signature blocks signed
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.Attachments referenced in filing instructions
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.
IRS Office line(s) / address / city, state, zip code
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.
Time to pay OIC
- Enter1if the offer will be paid in 5 months or less.
- Enter2if the offer will be paid in more than 5 months.
OIC amount (Force)
If data is entered in this field, this amount is used instead of the amount calculated on Form 433-A (OIC), section 8.