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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 allows you to recover from a financial setback.
If you are not able to afford an Installment Agreement, "Currently Not Collectible" status, also referred to as (CNC) may be an alternative. We might be able to help you request CNC status if your income is insufficient to support your allowable living costs. Once considered Not Collectible, the IRS will temporarily stop collection activity against you until it is decided that your economic circumstances have improved and you may have the ability to begin repaying your tax obligation.
While your account is in CNC standing, the IRS usually won't try to collect from you. For instance, It will not levy your assets and income. 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 liability. You'll also continue to receive an annual expense from the IRS as required 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 might ask you to provide financial information, examine your earnings and spendings, and also determine whether you can sell off any type of assets/property or receive a loan. The IRS may collect the balance you owe if your economic situation has improved when they perform an annual evaluation of your earnings.
The IRS can attempt to collect your tax liabilities approximately 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 won't put on hold interest and fine costs, even if it stops trying 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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