When a
taxpayer cannot afford to pay the IRS because his or her necessary
household living expenses equal the amount of the household income,
the IRS has the ability to classify that delinquent taxpayer as
Currently Non-Collectible. Usually one of the two 433 financial
statements are required to be filed with the IRS to demonstrate that
once all necessary expenses are paid, the taxpayer has an inability
to pay anything to the Internal Revenue Service.
What occurs in this type of scenario is the IRS agrees to review the
financial status of the taxpayer on a periodic basis, usually
anywhere from 6 to 18 months, to see if there has been any change to
his or her finances. If a change occurs and the taxpayer is able to
afford to make payments after the review, an Installment Agreement
is put into place. If nothing has changed and the taxpayer is still
living hand to mouth, the Status 53, Currently Non-Collectible
status is renewed until another financial review date.
In fact, when a taxpayer is eligible for a Currently Non-Collectible
status it is generally a good indication that this taxpayer may also
qualify for an Offer in Compromise, a program that allows the
taxpayer’s debt to be written off permanently.
Don’t let your IRS problem get you down! Contact the professionals
at United Tax Group, 877-829-3703 today!
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