"Status 53" means a taxpayer is "Currently Not Collectible." Taxpayers must file a Form 53 with the IRS to be placed in this status. If approved, the IRS will release any levies they may have on your salary and wages. They won't collect any taxes from you as long as you're designated "status 53."
Filing for Status 53, however, is only a temporary measure. The IRS will give you several months to get your money in order, but they will not delay collection for several years. Your tax debt remains and thus, you have to remit these monies at some point in time. Once your Status 53 expires, the IRS will expect you to begin paying off your 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.
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.
Filing for Status 53, however, is only a temporary measure. The IRS will give you several months to get your money in order, but they will not delay collection for several years. Your tax debt remains and thus, you have to remit these monies at some point in time. Once your Status 53 expires, the IRS will expect you to begin paying off your 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.
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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