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When your account is placed in uncollectible status, it allows you to stay in tax compliance status, without stressing over 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 known as (CNC) may be an alternative. We might be able to help you get CNC status if your income is not enough to support your allowable living expenses. Once considered Not Collectible, the IRS will temporarily suspend collection activity against you until it is determined that your economic circumstances have improved and you might be able to start repaying your tax liability.
While your account remains in CNC standing, the IRS typically will not attempt 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 might maintain your reimbursements and apply them to your financial obligation. You'll also continue to get an annual expense from the IRS as needed under the law.
Before the IRS will place your account in CNC standing it may ask you to file any past due tax-returns. If you request CNC standing, typically, the IRS may ask you to supply financial info, examine your earnings and spendings, and also decide whether you can sell off any type of assets/property or get a loan. The IRS may collect the balance you owe if your financial situation has improved when they conduct an annual evaluation of your earnings.
The IRS can attempt to collect your tax obligations roughly ten years from the date they were analyzed. The IRS might suspend the ten year period in particular situations. The time the suspension is in effect will increase the amount of time the IRS has to collect the tax. The IRS won't put on hold interest and fine costs, even if it stops trying to collect the balance due. You might 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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