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 can only be maintained on a temporary basis. It means that you have several months to iron out your finances, but you will not be given years to do this. Your tax debt will main valid and it will still need to be sent to the IRS. After your status has changed, your debt will need to be paid off, even if incrementally.
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.
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 can only be maintained on a temporary basis. It means that you have several months to iron out your finances, but you will not be given years to do this. Your tax debt will main valid and it will still need to be sent to the IRS. After your status has changed, your debt will need to be paid off, even if incrementally.
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.
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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