Status 53 basically means that taxes are not collectible at the present moment. In order to obtain this status, taxpayers must complete Form 53 and file this document with the IRS. If this request is approved, all levies that have been placed on wages and salaries will be released. The IRS will not collect any of your tax debt while maintain a status 53.
"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.
They won't just take your word for it, so be prepared and make sure you have all of the paperwork and documentation you need to be successful. In addition to the Form 53, you will need to file a Form 433-A.
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.
After having approved your request, you will be given a time frame for getting everything in place. If you believe that you're qualified for Status 53, complete the necessary forms, go over the Tax Code, and reach out to a tax professional whenever you feel 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.
They won't just take your word for it, so be prepared and make sure you have all of the paperwork and documentation you need to be successful. In addition to the Form 53, you will need to file a Form 433-A.
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.
After having approved your request, you will be given a time frame for getting everything in place. If you believe that you're qualified for Status 53, complete the necessary forms, go over the Tax Code, and reach out to a tax professional whenever you feel overwhelmed.
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