Thursday 14th of December 2017 8:05:59 AM

  • Currently No Collectible – Status 53 – “The Process”

    Wednesday 14th of September 2011 8:10:45 PM

    We outlined the basics of the process for putting together a request for Status 53. As always, it is important you understand the process but we feel a tax professional is essential in getting the best results.

    The Process – Should be done with the assistance of a professional with experience in this area.

    Complete the form 433-F with all relevant information. This document needs to be done perfect, very important.

    Make copies of all support documents. Examples of relevant support docs:

    * All income documentation such as payroll, disability, pension, Social Security statements, 1099 and self-employment earnings details

    * Banking information – Any statements for any and all banks accounts (note – if you are attached to other accounts as a signer this needs to be explained), certificates of deposit details, all retirement accounts, other investment accounts, stocks, life insurance policies that hold a cash value. Essentially anywhere you have money that is linked directly or indirectly to you.

    * Personal Assets: Mortgage statements within the last 3 months, the statement will need to show your monthly payment and loan balance. If you own a business are there any assets. Anything significant you are unsure of needs to be discussed

    * Personal Expenses: All of your personal bills, all statements showing monthly household expenses like utilities, rent, food, medicine, insurance, property taxes, telephone, child support, alimony, etc. If it is a necessary expense it needs to be disclosed. The key to the expenses if they are above normal is creating the story behind the expenses in order to get them allowed.

    * Copy of previous year’s tax return, the last 3 years if you have them.

    Now that you have all this data together the expenses will be compared to the IRS National Standards. This is really the most crucial part of the whole process making sure all expenses that need to be allowed are allowed. Remember, this is where some expenses need to be justified through the creation of a story why they need to be allowed.

    Note: The IRS will not grant you Status 53 if your income exceeds the allowable expenses under the National Standards.

    Contact the IRS with all information ready to fax directly to them at that moment. Also, be ready to argue your position and justify everything intelligently.

    In some instances they will ask for the documents to be mailed in. If this happens send them via Certified Mail or some other trackable method.

    911 Tax Relief is available to answer your questions.
    Toll Free No.  1-866-499-1156


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