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Posts Tagged ‘hardship status’

What Does the IRS Consider a “Financial Hardship”?

The IRS considers a financial situation a ‘hardship’ when the taxpayer is not able to meet allowable living expenses. Taxpayers experiencing financial hardship may be able to obtain a reduction in tax debt or stop IRS collection actions against them. What Are Allowable Living Expenses? Allowable living expenses are those expenses necessary to provide for a taxpayer and his/her family’s health and welfare. These national standards apply to ...