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.
To obtain this status, you will be responsible for providing that the collection of your taxes would cause excessive financial strain. In addition to filing the Form 53, you also need to provide copies of your financial states and your expenses. The IRS is willing to work with taxpayers, however, they are unwilling to grant Status 53 to anyone who is unable to give proof that they cannot pay their taxes at the time of filing for Status 53.
This is not something that they're just going to take your word on so make sure that all of the supporting documentation and paperwork is on hand if you want to be approved. Beyond filing Form 53, it is also necessary to complete and file Form 433-A.
This gives the IRS all of the required information such details on your debt, income, family assets, wages and more. Once all of the necessary information has been remitted, this will be reviewed and you can await a decision from the IRS.
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.
To obtain this status, you will be responsible for providing that the collection of your taxes would cause excessive financial strain. In addition to filing the Form 53, you also need to provide copies of your financial states and your expenses. The IRS is willing to work with taxpayers, however, they are unwilling to grant Status 53 to anyone who is unable to give proof that they cannot pay their taxes at the time of filing for Status 53.
This is not something that they're just going to take your word on so make sure that all of the supporting documentation and paperwork is on hand if you want to be approved. Beyond filing Form 53, it is also necessary to complete and file Form 433-A.
This gives the IRS all of the required information such details on your debt, income, family assets, wages and more. Once all of the necessary information has been remitted, this will be reviewed and you can await a decision from the IRS.
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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