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When your account is put in uncollectible status, it allows you to remain in tax compliance status, without worrying about enforcement action. It also enables 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 might be able to help you request CNC status if your income is not enough to support your allowable living costs. Once considered Not Collectible, the IRS will temporarily halt collection activity against you until it is decided that your financial circumstances have improved and you may have the ability to begin repaying your tax obligation.
While your account remains in CNC standing, the IRS typically won't try to collect from you. For instance, It will not levy your assets and earnings. However, the IRS will still examine 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 receive an annual expense from the IRS as needed 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 ask for CNC standing, usually, the IRS may ask you to supply financial information, examine your income and spendings, and determine whether you can sell off any type of assets/property or get a loan. The IRS may collect the balance you owe if your economic situation has improved when they conduct an annual evaluation of your earnings.
The IRS can try to collect your tax obligations roughly ten years from the date they were analyzed. The IRS might suspend the ten year period in certain 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 trying to collect the balance due. You might want to consider other possible repayment 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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