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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 recover 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 may 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 halt collection activity against you until it is decided that your financial circumstances have improved and you might have the ability 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 examine 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 needed under the law.
Before the IRS will put 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 provide financial info, examine your earnings and spendings, and also determine whether you can liquidate any kind of assets/property or get a loan. The IRS might 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 approximately ten years from the date they were evaluated. 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 won't put on hold interest and fine costs, even if it stops attempting to collect the balance due. You might want to take into consideration 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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