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When your account is placed in uncollectible status, it allows you to remain in tax compliance status, without stressing over enforcement action. It also allows 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) might be an option. We may be able to help you request 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 decided that your financial circumstances have improved and you might be able to start repaying your tax liability.
While your account is in CNC standing, the IRS usually will not attempt to collect from you. For example, It will not levy your assets and income. However, the IRS will still evaluate the interest rate and fines to your account and may maintain your reimbursements and apply them to your financial liability. You'll also continue to receive 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 past due tax-returns. If you request CNC standing, typically, the IRS may ask you to provide financial info, examine your earnings and spendings, and also decide whether you can liquidate any kind of assets/property or receive a loan. The IRS might collect the balance you owe if your financial situation has improved when they perform an annual assessment of your earnings.
The IRS can try to collect your tax liabilities approximately 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 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 prior to 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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