When taxpayers are given Status 53, this means that their tax monies are not presently collectible. To obtain this particular status, it will be necessary to complete Form 53. If the IRS chooses to approve your request, they will also release any levies that they have already placed on your earnings. They will not collect any of the tax monies that you owe, so long as this status is maintained.
"Status 53" is temporary. The IRS will allow you a few months to get your finances in order, but they won't wait around for years. The underlying debt remains, so you will still need to pay the IRS what you owe. When you're removed from the list of "Currently Not Collectible" taxpayers, you will be expected to start to pay off your tax debt.
The burden of taxpayers in this instance is to show that the collection of taxes would cause extreme financial stress. To be granted Status 32 you will have to file Form 53 and remit copies of your expenses and your overall financial statements. The IRS is willing to work with people, but unless tangible evidence of your inability to remit your tax monies is not presented at the time of filing Form 53, you won't be granted this status.
Your word is not good enough, so make sure that you've got all of the supporting documents you need to successfully make this claim. The Form 433-A will need to be filed along with the Form 53 as part of this process.
This will provide the IRS will the information they need, including you and your family's assets, monthly expenses, debt, and wages. After the IRS receives the information they need, they will review the forms and contact you with their decision.
Once they have approved your request, they will tell you how long you've been given to fix your finances. If Status 53 is something that you believe you qualify for, check out the necessary forms, read through the Tax Code and contact a trusted tax professional for assistance if you ever find yourself feeling overwhelmed.
"Status 53" is temporary. The IRS will allow you a few months to get your finances in order, but they won't wait around for years. The underlying debt remains, so you will still need to pay the IRS what you owe. When you're removed from the list of "Currently Not Collectible" taxpayers, you will be expected to start to pay off your tax debt.
The burden of taxpayers in this instance is to show that the collection of taxes would cause extreme financial stress. To be granted Status 32 you will have to file Form 53 and remit copies of your expenses and your overall financial statements. The IRS is willing to work with people, but unless tangible evidence of your inability to remit your tax monies is not presented at the time of filing Form 53, you won't be granted this status.
Your word is not good enough, so make sure that you've got all of the supporting documents you need to successfully make this claim. The Form 433-A will need to be filed along with the Form 53 as part of this process.
This will provide the IRS will the information they need, including you and your family's assets, monthly expenses, debt, and wages. After the IRS receives the information they need, they will review the forms and contact you with their decision.
Once they have approved your request, they will tell you how long you've been given to fix your finances. If Status 53 is something that you believe you qualify for, check out the necessary forms, read through the Tax Code and contact a trusted tax professional for assistance if you ever find yourself feeling overwhelmed.
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