What is status 53 or non collectible status when it comes to an IRS debt? What happens when you have an IRS debt the IRS will put you into collections and do all kinds of things to collect the money. While interest and penalties rise the IRS will either impose a high payment agreement to payoff your debt. Or they will do other things like wage garnishments or bank levies to collect the debt.
In today's economy a lot of people are facing financial hardship. One way to go about solving this problem when you have been hit with a hardship is to do an Offer in Compromise. This is a settlement on what you owe. But if you have any assets or retirement you can not settle in an OIC. If you do not have a job(unless disabled or retired) you can not settle either. So what is the answer?
The answer is status 53 or non collectible status. The is the status that the IRS will let you make monthly payments but they will keep from collecting your money. This status will be reviewed by the IRS every six months to see if your income has changed at all.
Warning: it is not the easiest to get into this status. You will want to higher a tax professional to do this for you. You will have to pay anywhere from 500-2500 dollars to get this done. For a recommendation call 877-298-0890.
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