Barely making ends meet is getting to be a very common problem in America. Many families have to live in extended stay motels or move in with other relatives. They are struggling to get their lives back in order, but how are they supposed to do that if the IRS is attacking wages and bank accounts? This page will explain how the Currently Not Collectible status can provide IRS relief to those in financial need.
How to Get Currently Not Collectible IRS ReliefIn order to qualify for Currently Not Collectible IRS relief, you will need to prove hardship by disclosing your finances. This is done by filling out a Form 433-A. You will need a copy of your last tax return, and thorough documentation of all of your bills and expenses. You also need to completely fill out the following sections on the Form 433-A with everything that applies to you.
- Section 1 - Personal information (ex. Social Security numbers and contact information.)
- Section 2 - Employment Information (You and your spouse's W-4 information.)
- Section 3 - Other Financial Information (Anything that influences your finances.)
- Section 4 - Personal Asset Information (ex. Bank accounts, cash, credit, and equity.)
- Section 5 - Business Information (All sole proprietorship business information.)
- Section 6 - Sole Proprietorship Information (All monthly income/expenses.)
If a field does not apply to you, you simply leave it blank. If you are not self-employed or own a sole proprietorship, you can leave Sections 5 and 6 completely blank. However, for the best IRS relief, make sure that everything that does relate to you is filled out as accurately as possible.
If the Form 433-A is not filled correctly, you will not receive IRS relief. In fact, the IRS may decide that you have enough money to pay a large portion and will know just where to collect on it. If you want IRS relief instead of levies, you may wish to consult a tax debt professional before turning anything into the IRS.
How Currently Not Collectible IRS Relief WorksIf you are thinking of using the Currently Not Collectible status for IRS relief, you need to fully understand what it does before you make a decision. Unless you truly cannot afford to make any payments toward your tax debt, this may not be the best IRS relief option for you. Consider the following before you apply for Currently Not Collectible IRS relief.
- Your financial situation will be periodically reviewed to maintain this IRS relief.
- It is standard procedure to place a lien on all Currently Not Collectible accounts.
- Your debt will continue to grow while you are in this IRS relief status.
- There is little you can do regarding your tax debt, while in this IRS relief status.
Before you decide that the Currently Not Collectible status is your only option for IRS relief, look over the other tax debt solutions out there. There may be an affordable payment plan for you, or you may even qualify for an Offer in Compromise. It is always best to talk to a tax debt professional if you are looking for IRS relief.
Do you need IRS relief now? Consult a professional. Call now or fill out the form below for a free tax debt consultation on all of your IRS relief options! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.