Are You Eligible For The IRS Hardship Program?

Dealing with the IRS is stressful, especially when you’re not in a position to pay your taxes. Fortunately, you may be able to seek relief through the IRS Hardship Program. Depending on your situation, Tax Assistance Group may be able to stop all collection actions and suspend payments,  giving you the breathing room you need to get back on your feet.

What is The IRS Hardship Program?

The IRS Hardship Program is available to taxpayers who are unable to pay their tax debt and meet certain financial criteria. Relief is offered through the Currently Not Collectible (CNC) status. If approved, the IRS will not take your property, garnish your wages, or levy your bank accounts. Interest and penalties, however, will continue to accumulate. Keep in mind that this type of relief may not be permanent. If your financial situation improves before the statute of limitations runs out, you may be required to start paying on your tax debt once again. If this happens, we can assist with getting you into an installment agreement.

IRS Hardship Requirements

Before you can be approved for the IRS Hardship Program, you will need to complete the Collection Information Statement form. This form will include personal financial information, such as:

• Income statements for the past three (3) months
• List of monthly expenses
• Inventory list of all assets and valuables, as well as their market value
• Bank account statements
• Retirement account statements
• Investment portfolios

Once approved, you will need to recertify every few years. Additionally, any future tax debt will not be automatically covered under your hardship status. If you are not eligible for CNC status, we may be able to help you through one of the other IRS Fresh Start programs.