6.7.2 Social Security
6.7.2 Social Security aetrahan Wed, 02/01/2023 - 09:21The IRS may issue a continuous levy which takes 15% of a taxpayer’s Social Security check on a monthly basis.1 The IRS has decided not to levy on SSI benefits even though the law allows this. Ask for release of the levy based on economic hardship or seek Currently Not Collectible status based on hardship.2 If the tax liability is $10,000 or more, the IRS will require Form 433-A collection information statement from the taxpayer and will conduct the analysis of hardship based on its financial standards. If the taxpayer’s only income is Social Security, a collection information statement may not be required for the hardship determination.3