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 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.
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.
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 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.
Once they have approved your request, they will tell you how long you've been given to fix your finances. If Status 53 is something that you believe you qualify for, check out the necessary forms, read through the Tax Code and contact a trusted tax professional for assistance if you ever find yourself feeling 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.
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.
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 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.
Once they have approved your request, they will tell you how long you've been given to fix your finances. If Status 53 is something that you believe you qualify for, check out the necessary forms, read through the Tax Code and contact a trusted tax professional for assistance if you ever find yourself feeling overwhelmed.
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