Owe Money to the IRS? Here’s How to Make Your Debt “Uncollectible”
We deal with many clients in Winchester, VA, and the surrounding area that have tax debt. If you owe money to the IRS and have not done anything about it, the IRS may issue a letter saying they intend to levy your bank account or garnish your wages. What can you do if this levy or wage garnishment creates / or will create significant financial hardship?
We suggest you discuss the situation with a tax resolution specialist. If you do not feel you have the ability to pay, ask if you qualify to have your account placed in a status called, “Currently Not Collectible” or “Uncollectible.”
Uncollectible is based on your ability to pay. You will need to complete a Collection Information Statement and send it to the IRS. In the Collection Information Statement you will need to enter all of your assets like...