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.
Taxpayers have the burden of showing that tax collection would cause undue financial stress to be granted "status 53." They need to file the Form 53, as well as copies of financial statements, an accounting of the taxpayer's expenses. The IRS will work with you, but they won't grant "status 53" unless you're able to provide tangible evidence that you're not able to pay taxes at the time you file the Form 53.
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 is going to provide all of the necessary information to the IRS such as your family assets, monthly expenditures, wages and debt. After this information has been passed on to the IRS, they will go over what you have submitted and reach out to you when they've made a decision.
If your request is approved, they'll let you know how long you have to get things in order. If you think you would qualify for "status 53" fill out the proper forms, read over the Tax Code, and if you feel overwhelmed, don't be afraid to consult a tax professional for help.
"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.
Taxpayers have the burden of showing that tax collection would cause undue financial stress to be granted "status 53." They need to file the Form 53, as well as copies of financial statements, an accounting of the taxpayer's expenses. The IRS will work with you, but they won't grant "status 53" unless you're able to provide tangible evidence that you're not able to pay taxes at the time you file the Form 53.
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 is going to provide all of the necessary information to the IRS such as your family assets, monthly expenditures, wages and debt. After this information has been passed on to the IRS, they will go over what you have submitted and reach out to you when they've made a decision.
If your request is approved, they'll let you know how long you have to get things in order. If you think you would qualify for "status 53" fill out the proper forms, read over the Tax Code, and if you feel overwhelmed, don't be afraid to consult a tax professional for help.
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