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When your account is placed in uncollectible status, it allows you to stay in tax compliance status, without worrying about enforcement action. It also enables you to rebound from a financial setback.
If you are unable to afford an Installment Agreement, "Currently Not Collectible" status, also referred to as (CNC) may be an option. We might be able to help you get CNC status if your income is not enough to support your allowable living costs. Once considered Not Collectible, the IRS will temporarily suspend collection activity against you until it is decided that your economic circumstances have improved and you may be able to begin repaying your tax obligation.
While your account remains in CNC standing, the IRS typically will not try to collect from you. For instance, 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 obligation. 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 overdue tax-returns. If you ask for CNC standing, usually, the IRS may ask you to offer financial info, analyze your income and spendings, and determine whether you can sell off any kind of assets/property or get a loan. The IRS might collect the balance you owe if your financial situation has improved when they perform an annual evaluation of your earnings.
The IRS can try to collect your tax liabilities about ten years from the date they were evaluated. The IRS may 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 will not put on hold interest and fine costs, even if it stops attempting to collect the balance due. You may want to consider other possible repayment 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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