Video instructions and help with filling out and completing Form 843 Hardship

Instructions and Help about Form 843 Hardship

Hello everyone today I'd like to discuss currently not collectible status c-in-c status so what exactly is currently not collectible status this is a holding period so to speak that the IRS places certain tax payers who qualify for it in when they cannot or when they are unable to pay their tax debt now the IRS looks at these cases on an individual by individual basis but if you find yourself in a financial hardship where you're barely making ends meet and you're not able to pay anything towards your tax debt you might be a good candidate for the CFC status now the CMC status is not a way to get out of paying your tax debt it's just a way to help you get back on your feet so to speak and what I mean by that it allows you time to get back on your feet financially by having the IRS temporarily stop collection proceedings so when you're in CMC status your bank account can't be levied a wage garnishment can't be filed against you or any other type of collection proceedings when you're in C&C status it temporarily stops all of that now granted there is the ten-year statute of limitations period for tax debt most people are not going to be in stands these status for ten years but if you find yourself in that situation when the statute of limitations has expired some of that tax debt will be null and void therefore it is uncollectible by the IRS now the CNC status is quite financially invasive so you want to make sure that all the information that you provide is accurate to the best of your knowledge because the IRS will compare this information with your tax returns now to get the process started you will need to complete a collections information worksheet well it's not really a worksheet it's six pages so and that's the form for 33 a and this is for individual taxpayers as well as self-employed individuals it's the 433 dash a and again it's six pages now these six pages are going to require you to provide information in relations to your income and your expenses and it pretty much is going to cover all areas from A to Z meaning from the amount that you pay it gasps a week for your car to the amount that you're spending on your children's lunch money if you have children so again it's going to delve deeply into your financial house so you do want to make sure that you have accurate records of in the event that you're your question about any of this information now while you're on CMC status penalties and interest will continue to accrue that does not stop but however if any of the debt x tires due to the statute of limitations while you're on cnc status again that portion of the tax debt is not collectible by the IRS now requesting CMC status is not a way to get out of paying your tax debt it's not a way to evade your tax debt it's simply a way to give taxpayers an opportunity again to get their financial situation together so if you're interested in applying for CMC status again you start by completing the 433 dash 8 now granted this is going to be somewhat of a tedious process and it's probably going to be frustrating and stressful to some of you so if you think you need the help of a qualified verkan Vall tax professional you should seek that help but note that you don't have to pay a mini fortune to request CMC status so again if you're unable to complete the documentation yourself seeking a reputable qualified tax professional to assist you would probably be in your best interest for more information on currently not collectible C&C status you can visit the IRS website wwii a govt or you can visit my website at wwu Tech's health com that's w wo do text telkom a yu-gi-oh TX h ii LP com click at the link at the top of the page for tax related services to find out what services and products that we offer that can possibly help to make your life a little less tax