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Currently Not Collectible (Status-53)
 We Will Communicate With the IRS on Your Behalf
Possibly Reduce or Even Eliminate Interest & Penalties
Find Out if Qualified Free- Call Today
When a taxpayer is put into the Currently Not Collectible program it means that you do not have the ability to pay the tax debt being collected by the IRS. This status takes into account whether or not paying the tax debt would place you in an economic "hardship." To make this determination, the IRS compares the your monthly gross income against "allowable" expenses, which are national averages for food, clothing, miscellaneous expenses, housing, transportation, medical expenses and insurance, as well as proper tax withholding and payments. "Allowable" expenses vary depending on household size and local standards as well.
When IRS agrees to the currently not collectible status, all collection activities are stopped, including levies and garnishments. The IRS must send an annual statement to the taxpayer stating the amount of tax still owed; however, this statement is not a bill and the statute of limitations continues to count down. If your status remains in status 53 for the duration of the statute of limitations, then at that point the debt falls away. On the other hand, currently not collectible status is subject to periodic review. If it is determined during this review that your finances have improved, an Installment Agreement may be negotiated. If the review demonstrates no change, status 53 is renewed until the next financial review.
Contact the professionals at United Tax Group for more information today (888) 903-4399.
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