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When your account is placed in uncollectible status, it allows you to remain in tax compliance status, without worrying about enforcement action. It also enables you to rebound from a financial setback.
If you are not able to afford an Installment Agreement, "Currently Not Collectible" status, also referred to as (CNC) may be an alternative. We may be able to help you apply for CNC status if your income is insufficient to support your allowable living costs. Once considered Not Collectible, the IRS will temporarily halt collection activity against you until it is determined that your economic circumstances have improved and you might be able to begin repaying your tax liability.
While your account is in CNC standing, the IRS usually will not try to collect from you. For instance, It will not levy your assets and earnings. However, the IRS will still assess the interest rate and fines to your account and may maintain your reimbursements and apply them to your financial obligation. You'll also continue to get an annual expense from the IRS as required under the law.
Before the IRS will place your account in CNC standing it might ask you to file any overdue tax-returns. If you ask for CNC standing, usually, the IRS may ask you to offer financial information, analyze your earnings and spendings, and determine whether you can sell off any kind of assets/property or get a loan. The IRS may collect the balance you owe if your economic situation has improved when they perform an annual evaluation of your earnings.
The IRS can attempt to collect your tax liabilities roughly ten years from the date they were analyzed. The IRS might suspend the ten year period in particular circumstances. The time the suspension is in effect will increase the amount of time the IRS has to collect the tax. The IRS will not put on hold interest and fine costs, even if it stops attempting to collect the balance due. You might want to take into consideration other possible payment options within your means before asking the IRS to place your account in CNC standing.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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