Welcome To My Blog If you like my Blog Then subscribe Us Via Email or Like Us on Facebook If not Then Submit Your Suggestions in the Contact Form Present in the bottom of Blog Page Thanks For Reading. Regards Malik Hamza Farooq AWAN

11 May 2017

Understand "status 53" With Tax Mediation In Kansas City

By Jeanie Habib

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.

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.

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.

About the Author:

Related Posts Plugin for WordPress, Blogger...