Form 433-B (OIC) for Georgia 2024-2025

Form 433-B (OIC) for Georgia: What You Should Know

The Form 433-B (OIC) provides businesses with detailed information, including information about the company's financial health. It's also possible that your business's financial records, including taxes owed. Learn More Tax Tips If Form 433-B (OIC) is not filled out, or you have not yet filed information returns with your IRS, the following resources will help you understand the tax consequences of making an offer in compromise. Tax Tips A business may sell, assign, or transfer personal property to another entity to avoid the business's tax obligations; however, an offer in compromise has to be a tax-free exchange of property with one entity for another. So, if the transfer of property is a taxable event, it's considered to have been offered in compromise. The offer in compromise applies only in the transaction that results in the sale, assignment, or transfer of property. It does not include the transfer of personal property to your personal property (e.g., a second home), nor does it apply to an inversion, which is the merger of two companies based on the same ownership. A taxpayer may still consider an offer in compromise to be a taxable event if the sale is taxable, if you sell business property while the offer is pending, and if the tax benefits you receive are greater than the tax benefits the company receives as a result of the sale. Businesses have to pay taxes on any taxable exchange, but only if the exchange is subject to an offer in compromise.

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