Currently Not Collectible Status

larryw-not-collectable

 

If your monthly income is equal to or less than your ALLOWABLE monthly expenses (allowable as defined by the IRS), then the IRS can determine that you have no ability to pay your tax debt.  Accordingly, the IRS can establish your account as Currently Not Collectible, or Status 53 in IRS jargon.

If you are classified as Currently Not Collectible, your account will NOT be subject to IRS Collection activity such as wage levy/garnishments or bank levy/seizures.

Being classified as Currently Not Collectible, does not eliminate your debt…it simply stops IRS Collection Activity