Form 433-B S Corp Payment Plan

Client owes several years penalties and interest (~17k) for failure to file. Filed all back returns and stalled an impending levy of the corporations assets. To set-up the payment plan collections requested completion of the 433-B. The client believes the form is too intrusive and will enable the IRS to seize everything she has. I wanted to say they could find out even without the form. I understand the purpose is to establish a reasonable payment. Anyone have experience with these matters who can tell me whether or not the form is required? I have experience with individual installment agreements but not on the corporate level.