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When your account is put in uncollectible status, it allows you to remain in tax compliance status, without stressing over enforcement action. It also allows you to recover from a financial setback.
If you are unable to afford an Installment Agreement, "Currently Not Collectible" status, also referred to as (CNC) might be an option. We may be able to help you get CNC status if your income is insufficient to support your allowable living costs. Once considered Not Collectible, the IRS will temporarily stop collection activity against you until it is determined that your financial circumstances have improved and you may have the ability to begin repaying your tax obligation.
While your account is in CNC standing, the IRS usually will not attempt to collect from you. For instance, It will not levy your assets and earnings. However, the IRS will still evaluate the interest rate and fines to your account and might maintain your reimbursements and apply them to your financial liability. You'll also continue to get an annual expense from the IRS as required under the law.
Before the IRS will put your account in CNC standing it may ask you to submit any overdue tax-returns. If you ask for CNC standing, typically, the IRS may ask you to supply financial information, analyze your income and spendings, and also determine whether you can liquidate 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 assessment of your earnings.
The IRS can attempt to collect your tax liabilities about ten years from the date they were analyzed. The IRS may suspend the ten year period in certain 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 may want to think about other possible payment options within your means before asking the IRS to put 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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