IRS Hardship | IRS Uncollectible Status | Legacy Tax & Resolution Services |
CURRENTLY NOT COLLECTIBLE STATUS – IRS HARDSHIP The correct term for “Currently Uncollectible” (IRS Uncollectible) is Currently not Collectable Status (IRS Hardship) is a method for delaying payment (possibly eliminating payment) of your IRS Tax Debt. The Tax Attorneys or Certified Tax Resolution Specialists at Legacy Tax & Resolution Services will work to convince the IRS that you have no way of paying your IRS Tax debt currently as part of our negotiating process.
As the nationwide leader in stopping an IRS Levy / Tax Levy, our Tax Attorneys or Certified Tax Resolution Specialists, at Legacy Tax & Resolution Services, usually hear from our clients when they have had a Tax Levy executed by the IRS.
Many of our clients are on Social Security or Social Security Disability (SSDI) and do not have the ability to survive an IRS Levy / Tax Levy and may very well be a candidate to be placed in a status of Currently Uncollectible (IRS Hardship) or Currently Uncollectible Status by the IRS. You do not have to be on Social Security or be on Social Security Disability (SSDI) to be designated as Currently Uncollectible, you just have to be able to prove that you cannot currently pay ANYTHING towards the IRS debt
The IRS has a complex formula of calculating the following:
1. Gross Income
2. Allowable Expenses
3. Equity in Assets
When you put those 3 items together in the IRS formula, you come up with taxpayers Reasonable Collection Potential or ability to pay their back taxes. The IRS Revenue Officer handling the Currently Uncollectible status request and the Tax Attorneys or Certified Tax Resolution Specialists for the taxpayer plays a big part in the outcome.
THAT’S WHY YOU NEED TO CALL Legacy Tax & Resolution Services – 855-829-5877
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Some of the Allowable Expenses considered for the Currently Uncollectible program are:
a. Food & Clothing
b. Utilities
c. Car Payment(s)
d. Car Allowance
c. Medical Expenses (Insurance, prescriptions, etc.)
d. Child Support
e. Rent / Mortgage
There are limits on the amounts that the IRS will allow. An experienced Tax Attorneys or Certified Tax Resolution Specialists will help in the negotiation with the IRS.
The IRS will consider you “currently not collectible” (IRS Hardship), if you can prove the inability to pay ANYTHING towards your debt currently. This status will usually remain in effect for a period of one year (twelve months) to 18 months. At the end of the Currently Uncollectible period, you, the taxpayer, will need to show the IRS that your economic situation has not changed. As long as you enjoy the status of Currently Uncollectible with the IRS, you will not be expected to pay any of the IRS tax debt. Your statutory period (IRS Statute of Limitations) does not freeze/stop. The Statute of Limitations continues to decrease as usual.
An important to understand what being placed in the Currently Uncollectible status by the IRS means:
It means IRS admits that you cannot pay your back tax debt. That means you should perform the analysis to determine if it make sense to follow up your Currently Uncollectible status with an Offer in Compromise. An Offer in Compromise would permanently settle your debt for significantly less than the full amount. If you qualify for a Currently Not Collectible status, it would be an absolute shame to not determine if you can permanently settle your debt for a fraction of the full amount.
Offer in Compromise – Tax Settlement
You should consult with a Tax Professional. If you would like to speak to us, the team at Legacy Tax & Resolution Services welcomes your call.
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